KUWAIT, Nov 13 (KUNA) -- Kuwait's daily output of oil has exceeded three million barrels per day (bpd), announced the Minister of Oil Dr. Mohammad Al-Busairi on Sunday.
The production of crude oil reached 3.67 million barrels per day on Saturday and 3.54 million bpd on Friday, said Al-Busairi, also Minister of State for National Assembly Affairs, in response to a question by KUNA during a reception of journalists after receiving well-wishers on Eid Al-Adha.
Member states of the Organization of Petroleum Exporting Countries (OPEC) are expected to address the question of crude output at the OPEC conference, due in Vienna in the middle of December, Al-Busairi said.
Global market is forecast to be in short of one million to 1.5 million barrels per day till the end of the current year, and Kuwait has increased its oil production to cover up this shortage of supplies, the minister added, explaining the motives that prompted the Gulf state to hike its oil output.
The market needs more oil supplies, even with comeback of the Libyan oil, Al-Busairi elaborated.
Hiking the production of the Kuwaiti oil is in line with a strategy hammered out by the Kuwait Petroleum Corporation (KPC), which aimed at hiking the output to four million bpd by 2020, the minister said, noting that prices are set according to supply and demand.
Kuwait is maintaining the stance it has taken since the previous meeting of OPEC, which is to lift the production up, for slashing it may result in drastic rise of the prices, an eventuality that is unwarranted in shadow of the economic crises in Europe and the United States and forecast negative impact on the producing and consumer nations, Al-Busairi said.
It is rather sensible to hike the production with consideration to the need to avert market glut, he cautioned.
Regarding calls that Kuwait should increase its official output quota of the crude among the member states of the cartel, Al-Busairi said lifting it by each member state of the organization would become a necessity in case the producers agreed on increasing the overall production.
The OPEC oil producers, during the previous meeting, did not reach an accord on this issue, and they were given the liberty to determine what approach should be taken in this respect, individually.
Turning to domestic issues, the minister touched on the topic of promoting executives and leading staff in the vital sector, indicating at formation of a special panel to tackle this question a month ago.
This panel has finalized preparing reports that will be examined during the course of the current week before taking proper measures in this regard, Al-Busairi explained.
Promotion and rotation of personnel posts are governed by certain standards and considerations, namely professional expertise and scientific qualifications, he said, indicating the approach to "place the right person at the right post." He also indicated that the process involved consultation with veteran and experienced staff and executives.
On external projects, namely the oil refineries in China and Vietnam, Al-Busairi indicated at continuing negotiations with authorities of these two Asian nations "for optimum benefit from such ventures." He also affirmed plans for upgrading the Rotterdam refinery, considering its key location in Europe.
Regarding the project of the new refinery in the country and production of environment-friendly crude, he affirmed that these two projects "are being on the regular course of execution." The two projects will be subject to advance supervision by the Audit Bureau, following a relevant resolution by the Supreme Petroleum Council, he said, hinting that the imposition of the advance supervision would be unprecedented, regarding the sector. Reacting to claims that the Kuwaiti oil refineries "are out of date," Al-Busairi acknowledged that they totally needed to be upgraded and renovated. (end) asj.tb.rk