(MENAFN - Arab Times) Kuwait committed to OPEC decision to reduce production
KUWAIT CITY, Jan 2: The most significant obstacle to oil sector is the politicization of executive positions, which has frustrated many young people who are highly qualified in oil arena,' says expert oil consultant Dr Abdul-Samaie Behbehani, reports Al- Anba daily.
He stressed the need to resolve the contradiction between the powers of minister of oil and chief executive of Kuwait Petroleum Corporation, saying the failure of projects contradicts administrative and technical powers, he said. In a statement on the prospects of local oil sector performance during 2019, Behbehani said the talk about assessing oil sector includes the local and global perspectives. Globally, Kuwait produces 2.7 million barrels of oil per day with a reserve capacity of 3.2 million barrels per day.
About 4.75 million barrels of oil will be produced per day in 2040 through the development of existing wells and exploratory wells, he noted. He pointed out that Kuwait is committed to the decision of the Organization of Petroleum Exporting Countries (OPEC) to reduce production, which comes into effect early this year, as OPEC countries reduce production to 800 thousand barrels per day. He pointed at two factors in the assessment of the course of oil sector strategy in 2019; change in oil prices and geopolitical pressure.
On the achievements made in 2018, Behbehani said the most important attainment was the production and export of the first experimental shipment of Light and Super crude (48 APIs and 0.4 percent low sulfur content) 15 years after the discovery, noting Kuwait is still importing its gas from liquefied natural gas (LPG) through floating gas storage units at Al Ahmadi Port Refinery, while KOC continues to develop free Jurassic gas. With the production of heavy oil, Kuwait will have four types of oil for export by the end of 2019: super light, light, medium and heavy, he explained. He reiterated these items open additional markets to Kuwait for marketing crude oil by the end of 2019.