One step forward, two steps back in Kuwait
Renewed political upheaval augurs ill for oil sector development plans
Kuwait’s newly anointed oil minister Mohammed al-Fares took to state media in early January to celebrate the discovery of three new oilfields by Kuwait Oil Company (KOC)—claiming the fresh reserves would help the state-owned firm achieve the production goals enshrined in its government-sanctioned 2040 strategy. However, the primary obstacle to meeting such output ambitions is less a lack of hydrocarbons resources than the glacial pace of their development. The relevant target—to raise capacity from c.3.1mn bl/d to 4mn bl/d—was originally due to have been hit last year. Nine days after his moment of triumph, Fares was out of a job after a mass resignation of the cabinet, appointed only the pr
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