KUWAIT, May 31 (KUNA) -- Kuwait Petroleum Corporation (KPC) Deputy Chairman and Chief Executive Officer Farouq Al-Zanki on Thursday drew comfort from current oil prices ranging around USD 100 dollar.

"Such prices are acceptable to producing and consuming countries at the same time, Al-Zanki said in statements to KUNA on the sideline of a ceremony marking the occasion of World No Tobacco Day (WNTD) at the Petrochemical Industries Company (PIC), a KPC subsidiary.

Al-Zanki added that one of the main reasons behind instability in oil prices are the Iranian nuclear program and economic conditions in Europe, noting that traditional factors like demand and supply and currency price rates are not playing a major part in oil prices anymore.

In response to question about the strategic capability in meeting KPC's set-goal of producing four million barrels per day by the year 2020, Al-Zanki said KPC is moving forward with such goal through various projects to achieve such numbers, in addition to long range projects to boost production.

KPC Chief added that every year there are new projects on the horizon which would meet oil annual demands, noting that Kuwait is currently producing 3.2 million barrel per day.

KPC and its subsidiary companies are moving forward with projects based on setup plans, among them the new refinery and clean fuel projects," Al-Zanki added.

The official also called on the occasion to exert mroe efforts to eliminate smoking in all public areas.

Formed in 1980, throughout the years KPC successfully took all local oil companies under its umbrella and formed one integrated oil industry in Kuwait.