Kuwait oil output steady at 3 million bpd: official

2012-04-09 10:44

OPEC member Kuwait’s oil production is averaging 3.0 million barrels per day, a senior official said, an output level it has kept up for the past seven months.

“Kuwait is producing at an average of three million bpd... This is (almost) the production capacity but we have a spare capacity of between 150,000-200,000 bpd,” head of state-owned Kuwait Oil Co. Sami al-Rasheed told reporters.

Kuwait boosted its daily output to around three million bpd in September and has maintained those levels in the face of rising global demand for crude oil.

Oil prices slid in Asian trade Monday, underpinned by weaker-than-expected unemployment data from the United States.

New York’s main contract, West Texas Intermediate crude for delivery in May, shed $1.11 to $102.20 per barrel. Brent North Sea crude for May settlement was down $1.00 at $122.43 in the afternoon.

Rasheed said that the Gulf emirate plans to launch seismic studies this year off the coast of Kuwait City to explore whether to go ahead with drilling operations or not.

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