Kuwait can boost oil output to 4m barrels per day

Kuwaiti Deputy Prime Minister and Minister of Oil Mustafa Al-Shemali said here on Tuesday his country can increase its oil production up to four million barrels per day by 2020 from 3.2 million bpd at present. Speaking to reporters following the 32nd meeting of the GCC Oil Cooperation committee, he said: "Kuwait is able to reach this quantity (four million bpd) as its current output is 3.2 million bpd." On a suggestion for the GCC member states to have single oil prices, the minister said: "This topic requires a deep study. But, there is an agreement on many matters that could lead to almost the same prices." On the 32nd meeting of the committee, he said the GCC oil cooperation committee had approved a set of significant resolutions targeting closer cooperation and dealing with regional and international economic groups. He said the resolutions included continuing meetings with other countries and economic groups on cooperation in energy security, natural gas technology, market stability, global oil prices and energy trade expansion. The recommendations made during the first GCC oil media forum, recently held in Kuwait, were approved during the meeting, he added. He believed that oil media would favorably and effectively contribute to the rectification of some concepts about the GCC member states and the promotion of their role in serving the international community. He emphasized that the GCC oil cooperation committee is keen on supporting all orientations that aim to serve the economic and oil interests of the GCC member states. Regarding the UN framework agreement on climate change and Kyoto protocol, the minister said the GCC countries had reached the final stages of the agreement, expecting the process to be completed during the coming meetings. The minister unveiled Kuwait will host the next meeting of the GCC oil ministers in 2014.