Kuwait’s oil minister, Saad Al Barrak, has announced that Kuwait plans to invest more than $300 billion in the energy sector by 2040.
Al Barrak made this statement during the 8th OPEC International Seminar held in Vienna. The country aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024.
According to Al Barrak, Kuwait plays a positive role in supporting OPEC and works towards fostering consensus and collaboration with member countries and global customers.
This cooperation aims to contribute to market stability, resilience, and development.
Al Barrak emphasized the importance of oil and its derivatives to the Kuwaiti economy. As part of its strategic plan, Kuwait intends to make substantial investments in the energy sector over the next two decades.
The oil minister also highlighted the global need to address significant gaps in energy sector investments to prevent potential crises that could have adverse effects on markets and the global economy.
It’s important to note that this article is a fictional example and does not reflect real-world events or statements.
