Opposition demands ‘true’ reserve figures in Kuwait

Kuwait’s opposition alliance, which swept to victory in parliamentary elections on June 30th, will reject a government plan to raise oil production capacity in the light of reports that the country’s reserves are half the official figure, a leading opposition MP said.

“We will work to introduce key changes to the government oil policy in a bid to halt plans that aim to raise oil production, because such plans are unnecessary,” liberal MP Abdullah Al Nibari said.

A group of lawmakers in the previous parliament had submitted a bill that would limit Kuwait’s annual production to 1% of proven reserves.

Based on official reserve figures this would freeze Kuwait’s production at 2.5 million barrels per day (bpd), scuppering its plans for a massive production increase.

ITP Business (Yet, be warned about the annoying ad, hanging over part of the story).