KUWAIT: Oil Minister Ali Al-Omair said Kuwait still plans to produce 4 million barrels of oil a day by 2020, even as global crude prices have slumped. Omair made the comments yesterday at an oil and gas conference in Kuwait City. Omair said Kuwait's production now stood at 3 million barrels of oil a day and that any US decision to export crude oil wouldn't have an impact on Kuwait. Meanwhile, CEO of Kuwait Oil Co Nizar Al-Adsani said Kuwait may import natural gas from Iraq and Iran to power its electricity plants.

Asked about oil prices, Omair said that oil prices are determined by markets through supply and demand and global economic growth. He said that the OPEC kept the output ceiling at 30 million barrels per day during meetings in Nov 2014 and June 2015. Kuwait's contracts are not affected by oil prices, he said, stressing the continuation of the country's production plan. "We are seeking to achieve our aims. Today our production is about three million barrels per day," he said, noting that the production will exceed three million during the first quarter of 2016. As for the influence of US decision regarding exporting oil to the global markets, he stated that the decision will not have any impact on OPEC.

Adsani said in a similar statement that the US decision will only affect light oil, not the Gulf or heavy crude. He noted that Kuwait seeks to import gas from Iran and Iraq for operating electricity plants. He said KOC signed this year a deal to establish three collection centers with a capacity of 100,000 barrels each, noting there are three facilities for early production with a capacity of 18,000 barrels.

Adsani underlined the importance of human resources in the area of industry, referring that the corporation seeks to train them for new projects and technology. He pointed out that the oil sector needs up to 30,000 workers after the start of environmental fuel projects, Al-Zour refinery and the expansion of drilling towers. He said that about KD 32 billion will be invested in the five-year plan. - Agencies