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Kuwait sets new output target of 3.5 million b/d

02/15/2010
By Eric Watkins
Kuwait plans to increase its oil production by 350,000 b/d over the next 5 years, part of a larger plan eventually to reduce the Arab nation's dependence on oil revenues."We are at 3.15 million b/d capacity today and hopefully will push to reach the target of 3.5 b/d in 2015," said Mohammed Husain, deputy chairman of state oil and gas producer Kuwait Oil Co. (KOC).The announcement follows the Feb. 2 approval by the Kuwaiti parliament of a 30.8 billion dinar ($106.9 billion) plan that aims eventually at diversifying Kuwait's income away from oil.Under the new plan, Secretary General for Planning Adel al-Wuqayan said government expenditure for oil development was estimated at some...
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