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Wednesday, September 14, 2011     GET REAL

Kuwait oil output reaches 2.9 million barrels/day

ABU DHABI — Kuwait has reached a landmark in crude oil production.


Officials said the Gulf Cooperation Council sheikdom has reached a production of 2.9 million barrels per day, far above its quota set by OPEC. They said the production increase by Kuwait and its Gulf Arab neighbors marked an attempt to stabilize oil prices and meet rising demand.

"If Kuwait and Saudi Arabia had not raised their production in the past four to five months, oil prices would have been at a totally different [higher' level," Kuwaiti Oil Minister Mohammed Al Busairi said.

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On Sept. 12, Al Busairi said Kuwait has maintained its production level of 2.9 million barrels per day throughout September. He said the sheikdom intends to further increase production capacity to three million barrels per day.

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