Presidents Trump and Xi’s compact on rebalancing may be the next domino to fall Baghdad’s pivot away from its neighbour is increasingly extending to their shared resources

If oil companies are forced to hold revenues in the local currency—combined with mandated Opec cuts—the Central African country will struggle to attract the new investment it desires

Long-term plans are inevitably subject to huge uncertainties—especially in Kuwait, where the government is fond of grandiose and reassuringly-distant economic ambitions. In 2007, ExxonMobil reached a preliminary agreement aimed at producing 700,000bl/d from the northern fields by 2017 but, after protracted wrangling over terms, the deal collapsed six years later. However, the extent of the revision makes the SPC’s decision something of a bombshell.

Click the "Continue" button The SPC agreed to put back its 4m-bl/d target by 20 years and reduce its 2040 goal from the 4.75m-bl/d it predicted in 2017. 11 August 2020

Statistical Year Book — Electrical Energy, 1994, Ministry of Electricity and Water, Kuwait. These concerns were not a reference to the Kuwaiti government suddenly adopting the green agenda but to its fears about the global groundswell against fossil fuels impacting long-term oil demand. Global oil production rose by 2.2 million b/d. Arab Petroleum Investments Corporation (APICORP) is a multilateral development bank established on 23 November 1975 under the terms of an agreement signed by the ten Member States of the Organization of Arab Petroleum Exporting Countries . 20 February 2020

This well targeted non-associated gas in the primary formation of the carbonate reservoir and was drilled to a total depth of 3,810 meters. The huge outlays entailed appear especially egregious when output is being artificially constrained by Opec-wide cuts in response to global oversupply. Such a calculation is a major departure for one of the Gulf’s major NOCs. This plan was nodded through at the SPC meeting and publicly confirmed by oil minister Khaled al-Fadhel shortly afterwards.That the state oil conglomerate Kuwait Petroleum Corporation’s (KPC) longstanding target to raise production capacity to 4mn bl/d by 2020 would be missed by a wide margin had been evident for several years—notwithstanding officials’ stubborn insistence to the contrary. Subscribe now for unlimited access or become a Bronze Member for free During a low-key meeting in early February, Kuwait’s Supreme Petroleum Council (SPC) made a critical decision for the future of the country’s upstream oil sector, and hydrocarbons-dependent economy, that will play out over the next two decades.

Almost all of the net Kuwait 2019 Kuwait arguably boasts some of the strongest potential in the GCC. Download Annual Report (5.2 MB) The drilling of Lang Lebah-1RDL2 commenced in March 2019. The resource-poor nation’s search for a reliable alternative to the long-delayed recommissioning of nuclear power plants continues Likewise, Saudi Aramco, while not publicly disclosing production goals, has embarked upon a trio of multi-billion-dollar projects due to deliver a combined 1.2mn bl/d by mid-decade. But are the worries overdone? Oil Minister, Dr. Khaled Al-Fadhel, while Hashim Sayed Hashim becomes the new CEO of Kuwait Petroleum Corporation. megaproject for Kuwait National Petroleum Company, a project characterized by outstanding execution, and we are scheduled for final delivery in early 2019. Colin Bryce continues his oil markets story, as a new decade ushers in further changes to the trading landscape When the contract was first put out to tender in 2013, it included a second phase to double capacity by this year—but KOC has not shown intent to imminently proceed with further development. Last year the SPC, the government’s ultimate authority on energy matters, was considering a proposal to reduce its 2040 oil production target, to the level due to have been achieved this year, while also radically revising interim output goals downwards.

Established in 1860 as the Karachi Chamber of Commerce, it is the oldest of the existing chambers. Public sector projects in Kuwait are notorious for delays so most people had expected the timetable for capacity enhancements to be quietly allowed to slip by a few years. Oil consumption grew by an above-average 1.4 million barrels per day (b/d), or 1.5%. Significant oil reserves, strong diplomatic relationships, a unique location, and progress.The Business Year's country-specific publications, sometimes featuring over 150 face-to-face interviews, are among the most comprehensive annual economic publications available internationally.This 192-page publication covers finance, energy, green economy, industry, food, retail, construction, real estate, transport, education, health, media and IT, and tourism. Opec production cuts matter far less than international companies deciding to scale back production and capex