Kuwait commits $300 bln towards energy development

Kuwait commits $300 bln towards energy development

KUWAIT CITY, July 7, 2023 – Kuwait aims to invest USD 300 billion in the energy sector by 2040, Kuwait’s Minister of Oil Saad Al Barrak announced on Thursday.

The investment is part of a long-term strategy involving fossil fuels.

“Global investment in the energy sector faces significant gaps that need to be filled to prevent crises that could adversely affect the markets and the global economy,” Barrak said.

 

The minister said he hoped the country would reach production capacity of 3.2 billion bopd before the end of 2024, dependent on the market and OPEC quotas.

“We are committed to agreements with OPEC,” Barrak said.

He also reaffirmed Kuwait’s goal to have net zero carbon emissions by 2050, which will involve investment in renewable energy sources.

Kuwait produced 2.7 million bopd in 2022, registering a year-on-year growth of 11%.

Read our latest insights on: