Kuwait’s oil minister has confirmed plans to hike hydrocarbon production to 4 million barrels per day, by 2020, almost 40 percent more than the current level.
“We have discovered new reserves… that contain both oil and gas. This will support Kuwait’s plans to increase its production levels to a stable level of 4 million barrels per day by 2020,” Oil Minister Ali al-Omair said during an OPEC seminar Thursday.
Kuwait’s April production was 2.86 million barrels per day, according to the latest OPEC report.
The minister said it was important to optimize the cooperation with foreign partners, including energy exporters, stressing that the country needs significant investment.
The Organization of Petroleum Exporting Countries (OPEC) is widely expected to maintain its production target of 30 million barrels a day at its June 5 meeting in Vienna, opting to maintain market share rather than cut production to boost prices.
Crude oil prices have fallen to about half of their June 2014 peak, when Brent crude was trading at $115 per barrel. OPEC’s decision not to reduce output in November sent prices temporarily below $50 per barrel.
In Friday morning trading, Brent crude was at $61.65 per barrel and WTI was down at $57.51.
The appalling answer can be found in a 138-page briefing paper Pebble Limited Partners filed last year with its lawsuit against the EPA in the U.S. District Court of Alaska.
The secret behind the EPA’s pre-emptive strike against Pebble Limited Partners was a three-pronged cabal–lavishly funded by left-leaning environmental groups–of environmentalist coalitions, anti-mining scientists and anti-mining assessment consultants who were secretly given illegal access to and power over EPA strategy and decision-making, according to the Pebble group’s brief.
Big Green’s devastating, years-long anti-Pebble campaign was the second-most-expensive environmentalist assault ever, right behind the ongoing war of climate alarmists against climate skeptics. Green forces assumed Pebble was dead.