Monday, Feb 13, 2012
KUWAIT CITY (Zawya Dow Jones)--Growth in Kuwait's oil demand will almost double by 2030 due to a growing population and strong economic activities but the Gulf country is still on track to increase its production capacity to offset that rise, the head of the Kuwait Oil Co., or KOC, said Monday.
"Kuwait has seen a strong increase in energy demand in the past few years. Primary energy demand has seen an annual growth rate of 1.5% but this will rise to 2.8% in the future," Sami Al-Rushaid, chairman and managing director of state-owned KOC, said.
By 2030 oil demand will reach 49 million metric tons of crude and products, the equivalent of a million barrels per day of oil, he said.
The Gulf state is still targeting an output capacity of 4 million barrels a day in 2020 to meet the growing energy demand, he said.
The remarks from the key member of the Organization of Petroleum Exporting Countries come amid expectations markets will need more oil from the group in coming years.
Al-Rushaid said that Kuwait has enough reserves to increase its capacity to 4 million barrels a day in 2020 and maintain it at that level to 2030.
Al-Rushaid said the Gulf state intended to fulfill this goal by using new technologies to improve productivity, such as enhanced oil recovery.
Kuwait, a member of the Organization of the Petroleum Exporting Countries, is currently producing about 2.9 million barrels per day of crude oil, a level which it can "sustain without any issue for a long period," an official said earlier Monday.
The Gulf state's capacity currently stands at 3.1 million barrels per day but experts sometimes question whether pumping at maximum production capacity can be sustained for a long time.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
13-02-12 0941GMT
