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Kuwait is committed to OPEC quotas

Posted by on April 4, 2011 0 Comment

Farouk al-Zanki, chief executive of Kuwait Petroleum said on Monday that Kuwait wants to see a decline in world oil prices and it is currently producing in line with the share of production within OPEC.

Oil prices rose to nearly the highest level in two and a half year, near $ 119 a barrel in the past few days, supported by fears of political unrest in the Middle East and North Africa.

Fighting between the Libyan opposition armed forces loyal to the Libyan leader Muammar Gaddafi to stop oil production almost in Libya, which was producing 1.6 million bpd before the crisis, prompting the biggest producer in OPEC to increase production of crude oil to compensate for the lack of production of Libya and rein in prices.

However, Kuwait is still optimistic that the interruptions to supplies from Libya will be short term.

The official KUNA news agency (KUNA) later in the message via the mobile users for Zanki saying that between 90 and 100 dollars a barrel seems a reasonable price for oil.

Zanki said in response to a question whether Kuwait plans to increase its production he had not asked him to do so.

Kuwait has said that spare capacity ranging from 600 700 thousand barrels a day, but that oil-consuming countries are estimated spare capacity at about half that.

According to a Reuters poll that Kuwait produced 2.42 million barrels per day in March, up from 2.31 million bpd in February, more than its share within OPEC of $ 2.22 million barrels per day.

And increased oil production in Saudi Arabia to about nine million barrels per day, with Saudi move last month to a substantial increase in oil platforms, which run to maintain production capacity at 12.5 million barrels a day.

It is likely to publish some of these platforms in the neutral zone between Kuwait and Saudi Arabia, two countries that share the output according to what he said Bader Khashti Chairman of the Board of Directors of the Kuwait Gulf Oil Company, which oversees the interests of Kuwait in the neutral zone, told Reuters.

Khashti said that the share of Kuwait’s oil production of the neutral zone now stands at around 285 thousand barrels per day. The total production capacity of the area of the 610 000 barrels of oil per day. Agencies

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