OPEC member Kuwait will increase its oil output by 300,000 barrels per day starting mid-2009, the official state news agency KUNA reported, citing Oil Minister Mohammad al-Olaim. OPEC president says oil prices won’t come down.
Olaim “affirmed ... that Kuwait is capable of increasing its oil output (currently) but wondered if the market needed that increase”, KUNA reported. Kuwait will spend $55 billion on oil projects over the coming five years, Olaim said without specifying whether the money would be allocated for production capacity expansion or other projects.
Oil prices “will not come down,” OPEC president Chakib Khelil said on Tuesday, assuring that the oil cartel has already done what it can on the matter. “OPEC has already done what OPEC can do and prices will not come down,” Khelil told journalists as he arrived for a meeting with EU energy officials in Brussels. (The Economic Times)