Kuwait Petroleum Corp Chief Says Expects Oil Below $100 For Next Few Years

The chief executive of state oil company Kuwait Petroleum Corp, Nizar al-Adsani, said at an energy industry conference on Wednesday that he believed oil prices would remain below $100 a barrel for the next few years.

The country’s oil minister, Ali al-Omair, told the same conference that Kuwait would nevertheless continue developing its production and refining capacity.

“Despite the atmosphere of falling oil prices, we in Kuwait are determined to expedite finalising the big oil projects…” Omair said, adding that the country planned to spend $100 billion in the next five years on such projects.

Kuwait has a long-term plan to boost its crude oil production capacity to four million barrels per day by 2020 from around 3.15 million bpd now. Adsani said the country had the ability to reach 3.5 million bpd of capacity by the end of 2015.