Kuwaiti MPs file bill to cut oil output

KUWAIT CITY (AFP) – Opposition MPs filed a bill on Sunday that could effectively slash Kuwait’s oil output if it is found that the Gulf state’s proven reserves are actually much lower than official estimates.

The proposed legislation, signed by four MPs, stipulates that annual oil output from Kuwait, OPEC’s fourth largest producer, should not exceed one percent of proven reserves.


It also requires the state to disclose to parliament the emirate’s actual proven reserves, which Kuwait says officially stand at about 100 billion barrels, 10 percent of global reserves.

However, some reports say the emirate has inflated its oil wealth and that proven reserves could be as low as around 24 billion barrels.

AFP