May 2016, Vol. 243, No. 5

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Kuwait Plans To Ramp Up Oil Production By 44% Before 2020

A senior Kuwait Petroleum Corp official has confirmed to media the company’s plans to increase production by 44 percent to almost 4 million barrels a day in 2020. The plan is a continuation of current attempts to pump as much crude as possible and tender new E&P projects in the Persian Gulf. In addition, Kuwait Petroleum Corp plans to ramp up local refining capacities. Kuwaiti crude is currently trading at around $40 a barrel, a palpable discount to international benchmark Brent. However, Kuwait boasts low-cost production, but according to a local energy analyst, $40 is below the breakeven level, and significantly so. Kamal Al-Harami has slammed the government for failing to come up wit

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