By NNN-KUNA,
Kuwait : Kuwait has said that it will increase crude oil production by 300,000 barrels per day (bpd) in the second half of 2009 and will spend USD 55 billion on oil projects in the coming five years.
Minister of Oil, Electricity and Water Mohammad Al-Olaim, speaking to reporters after a meeting with Japanese Minister of Economy, Trade, and Industry Akira Amari Monday, said that Kuwait was capable of opening the taps for more oils.
“But does the market needs this increase or not?” Al-Olaim said.
At the bilateral front, Al-Olaim said Kuwait’s relations with Japan was not restricted to the oil industry as the Japan considers Kuwait a key strategic partner along with the other GCC states.
He said Amari would discuss during the visit to Kuwait a number of issues related to oil, electricity and environment.