Kuwait bows to local and global realities
Domestic politics and international demand fears dictate downward revision of production targets
During a low-key meeting in early February, Kuwait’s Supreme Petroleum Council (SPC) made a critical decision for the future of the country’s upstream oil sector, and hydrocarbons-dependent economy, that will play out over the next two decades. Last year the SPC, the government’s ultimate authority on energy matters, was considering a proposal to reduce its 2040 oil production target, to the level due to have been achieved this year, while also radically revising interim output goals downwards. This plan was nodded through at the SPC meeting and publicly confirmed by oil minister Khaled al-Fadhel shortly afterwards. That the state oil conglomerate Kuwait Petroleum Corporation’s (KPC) longst
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