Kuwait has raised its oil production by 85,000 barrels per day (bpd) following the agreement between Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers reached late last month in Vienna, according to Reuters citing Kuwait's Oil Minister and Minister of Electricity and Water, Bakheet Al Rashidi.
The output spike comes after the OPEC meeting in Austria, driven by Saudi Arabia and Russia, agreed to increase pumping by 1mn bpd.
“Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week’s production cut agreement,” Rashidi told local Arabic-language daily Al-Rai on Saturday, June 30th.
Saudi Arabia, the world’s largest oil exporter, now plans to pump up to 11mn bpd in July, while world leading producer Russia has said it could increase output by more than 200,000 bpd.
The Gulf state has previously announced major plans to invest heavily in its upstream oil and gas sector to lift its daily output. The country has plans to generate around 4mn bpd by 2020.