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A Photo from the event.
‘Keep OPEC production quota steady’ Oil supply and demand in global markets balanced: KPC chief

KUWAIT CITY, Dec 10, (KUNA): Managing Director of Kuwait Petroleum Corporation (KPC) Farouq Al-Zanki said that the current balance between supply and demand in global oil markets urges against the need to change the production quota of OPEC member states. Oil production in the country is moving steadily according to the strategy of the state-run corporation, he told reporters at the Kuwait International Petroleum Conference and Exhibition, noting to expansions in this production.

KPC’s projects are also being carried out according to plan, including a jointly-owned refinery in Vietnam, he said at the event, which is being organized by the Society of Petroleum Engineers and Kuwait University.
Taking part in international events, organized by professional international organizations — such as the Society of Petroleum Engineers — is important, as talks have been taking place with international counterparts on the uses of advanced oil and gas related technologies, he said. These technologies can be used in Kuwaiti oil fields, he added.

The Kuwaiti oil sector faces a number of challenges in its plans to increase production to four million barrels-a-day by 2020, the most important of which are specialised labour, he noted. In order to achieve these aims contracts to bring in foreign expertise have to be carried out periodically, and the biggest challenge of all is how to best utilise these capabilities, he concluded.

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