• Wednesday, 16 May, 2012

Kuwait output slips

Slip in output: Kuwait's production fell to an average of about 2.9 million bpd, down roughly 100,000 bpd on December's average

related stories

By News Wires

 13 February 2012 04:11 GMT

Opec member Kuwait produced about 2.9 million barrels of oil per day in January, about 100,000 barrels lower than the previous month.

"In January we produced an average of 2.9 million bpd... and I think that the current oil prices are reasonable," Reuters quoted Kuwait Petroleum chief executive Farouk Zanki tellin reporters on the sidelines of an oil conference on Sunday.

Brent March crude futures fell $1.28 to settle at $117.31 a barrel on Friday, while US March crude, after three consecutive higher settlements, fell $1.17 to end at $98.67 a barrel.

Asked what Kuwait would do if Iran's threats to shut down the Strait of Hormuz materialise, Zanki said that Kuwait had a "strategic plan" to overcome this but declined to give further details, Reuters reported.

Tehran has threatened to close the narrow shipping lane at the mouth of the Gulf if Western sanctions stop the sale of Iranian oil over Iran's disputed nuclear programme.

Last month, a senior Kuwaiti coast guard official told Reuters that Gulf naval forces had contingency plans for a possible attempt by Iran to shut Hormuz.

User

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index

Recruitment
See all available positions
Events
2
06.05.2012

06

May

06.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

MPGC 2012 will be held from 6-8 May and is returning to Bahrain again, on the occasion of its 20th Anniversary. The conference will be held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy-Chairman of National Oil & Gas Authority, Kingdom of Bahrain and with National Oil & Gas Authority (NOGA) & The Bahrain Petroleum Company (Bapco) as hosts.
The Conference Connection Inc
Read more »
07.05.2012

07

May

07.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

MPGC 2012 will be held from 6-8 May and is returning to Bahrain again, on the occasion of its 20th Anniversary. The conference will be held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy-Chairman of National Oil & Gas Authority, Kingdom of Bahrain and with National Oil & Gas Authority (NOGA) & The Bahrain Petroleum Company (Bapco) as hosts.
The Conference Connection Inc
Read more »
08.05.2012

08

May

08.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

MPGC 2012 will be held from 6-8 May and is returning to Bahrain again, on the occasion of its 20th Anniversary. The conference will be held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy-Chairman of National Oil & Gas Authority, Kingdom of Bahrain and with National Oil & Gas Authority (NOGA) & The Bahrain Petroleum Company (Bapco) as hosts.
The Conference Connection Inc
Read more »