Kuwait sees long term increase in its oil production

Kuwaiti Deputy Premier and Foreign Minister Sheikh Sabah al-Ahmad al-Sabah has announced that Kuwait wants to increase its long term oil production to more than 3 million barrels per day within 10 years.

At the inauguration of a conference on oil in Kuwait on Saturday, Sheikh al-Sabah added that Kuwait intends to find "new markets for its oil production," by foreign companies that will be invited to invest in the oil sector.

Last April Kuwait has reduced its oil production to 1.836 million barrels per day against 2.19 barrels daily in 1997, within the framework of the efforts of OPEC to improve oil prices.

However, Kuwait's intention to increase its oil production comes in contradiction to the agreement approved by Saudi Arabia, Venezuela and Mexico in March 1999 to reduce world production.

This agreement resulted in a great increase in oil prices at the end of 1998 and the beginning of 1999 from under US $10 per barrel,to reach today some US $25, the highest price for per barrel since the Gulf War in January 1991.