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Kuwait Boosts Oil Capacity to Open Taps Once OPEC's Cuts Expire

  • Country’s capacity to reach 3.65 million barrels a day: Jaafar
  • Shell, BP sign service agreements to explore with Kuwait Oil
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Daniel Yergin Expects Big U.S. Oil Producer OPEC Response

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Kuwait is sticking with plans to add half a million barrels a day of oil-production capacity as it prepares for the eventual expiration of the output quotas OPEC adopted to help drain a global oversupply, the head of Kuwait Oil Co. said.

State-run KOC plans to raise the Gulf nation’s capacity from its current level of 3.15 million barrels a day, Chief Executive Officer Jamal Jaafar said in an interview in Kuwait City. The company, which is responsible for most of Kuwait’s domestic crude production, will add capacity even if the Organization of Petroleum Exporting Countries decides to extend the supply cuts beyond June, he said.