Monday, 12 September 2011 18:45
KUWAIT CITY: Kuwait's Oil Minister Mohammad al-Baseeri said on Monday the OPEC member has increased its oil production to 2.9 million barrels per day to compensate for a shortage in the market.
"We have been producing 2.9 million bpd at least for the past 10 days. We are heading towards 3.0 million bpd," the minister told a news conference. Kuwait's OPEC production quota is slightly above 2.2 million bpd.
Baseeri hoped production over the rest of September will not be fewer than 2.9 million bpd, adding that Kuwait, Saudi Arabia and other Gulf states have increased production to meet rising demand and stabilise prices.
"If Kuwait and Saudi Arabia had not raised their production in the past four to five months, oil prices would have been at a totally different (higher) level," he said.
"We tried to contribute to the stability of oil prices by raising production but without flooding the market," Baseeri said.