Kuwait to deploy significant investment in country’s energy sector

COP

Kuwait will invest more than $300 billion in the energy sector by 2040. Kuwait’s oil minister Saad Al Barrak said that Kuwait aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024.

Al Barrak emphasised Kuwait’s positive role in supporting OPEC (Organisation of the Petroleum Exporting Countries) by fostering consensus and collaborating with member countries and customers worldwide. These efforts contribute to the stability, resilience, and overall development of the market.

Highlighting the significance of oil and its derivatives to the Kuwaiti economy, Al Barrak noted that as part of their strategic plan, Kuwait is determined to invest heavily in the energy sector. The substantial investment aims to enhance the country’s energy infrastructure and drive sustainable growth.

Furthermore, Al Barrak stressed the importance of addressing the gaps in global energy sector investment to prevent potential crises that could negatively impact the markets and the global economy. Kuwait recognises the need for robust and stable investments in the energy sector to maintain a healthy and prosperous market environment.

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