Kuwait to pump $44bn into oil

The Gulf state of Kuwait has earmarked more than $44 billion over the next 15 years to upgrade its oil industry and boost output to four million barrels per day (bpd).

“Total estimated investments in the oil sector from 2005 to 2020 will exceed 44 billion dollars. We aim to modernise the sector and boost output to four million bpd,” energy ministry undersecretary Issa al-Oun told AFP as Kuwait prepared to host a meeting of the OPEC cartel on Monday.