Kuwait Has Growth Ambitions

Nov 22nd, 2024:$30 Billion investment plan to boost production In a recent interview, Sheikh Nawaf Al-Sabah, the CEO of Kuwait Petroleum Corp. (KPC) indicated that they intend to grow their production capacity to 3.2 million barrels per day (Mb/d) next year and to 4.0 Mb/d in 2035. The Kuwaiti’s don’t ignore the trend towards lower oil demand growth, but even in a scenario with stable global oil demand, the world needs to replace at least 3.0 Mb/d from oil fields that are in decline. So new resources need to be developed and KPC expects to take advantage of the fact that they are a low-cost producer with a low carbon intensity. Due to its large (and growing) refining sector, Kuwait has established itself as a significant exporter of both crude oil and refined products. The impact of KPC on the (spot) tanker market has been relatively limited due to its focus on long-term supply contracts and the utilization of its own tanker fleet to move both crude and products. Please fill in below form to continue read.