Kuwait Emerging From Strike With Plans to Have Record Oil Outputby
Production set to reach 3.15 million barrels a day by June
Kuwait oil workers ended strike while maintaining labor talks
Kuwait plans to boost oil production to more than 3 million barrels a day within months, doubling output from where it stood during last week’s oil-worker strike.
Output will climb to 3.15 million barrels a day by June, Haitham Al-Ghais, market research manager at government-owned Kuwait Petroleum Corp., said Monday in an interview in Abu Dhabi. That would be the OPEC member’s highest level of production ever, according to data compiled by Bloomberg.
A three-day strike by Kuwaiti oil workers sent crude production tumbling to 1.5 million barrels a day last week. The Oil & Petrochemical Industries Workers Confederation agreed to end the walkout after the government refused to negotiate while labor was off the job. Kuwait produced 3 million barrels a day before the strike, data compiled by Bloomberg show, making it the fourth-largest member of the Organization of Petroleum Exporting Countries.
“The strike is now done and production is back to normal,” Al-Ghais said. “We should reach our target of 3.15 million barrels in June,” he said, referring to both output and production capacity.
Kuwait is targeting capacity of 4 million barrels a day by 2020, including 350,000 barrels a day from oil fields it shares with Saudi Arabia, he said.