$30 added per barrel to oil production costs due to the war

Bloomberg Agency quoted the CEO of the Kuwait Petroleum Corporation, Nawaf Saud Al-Sabah, as saying that $30 per barrel was added to the costs of oil production due to the Russian-Ukrainian war.

Al-Sabah said on the sidelines of the Qatar Economic Forum: “There are additional costs or what we call (war premium) of about $30 per barrel in oil prices currently. There are no indications of the destruction of demand in the oil markets due to the high prices, despite the slowdown in growth.”

He added, “European buyers are hoping for more refined oil from Kuwait, before the Al-Zour refinery is fully operational, as we receive more European orders for Kuwaiti oil products, and by the end of the year we will produce about 615,000 barrels of oil per day that will be refined into diesel and low-sulfur fuel oil.” [Read Also: Suspension of pension payments to non-Kuwaitis unless]

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He added, “Kuwait has sufficient production capacity to reach its full production quota (OPEC) and respond to any future increase,” noting that there are no plans now to list units of the Kuwait Petroleum Corporation on the stock exchange, but that may change over time.

Adil Khan

Adil Khan writes about Kuwait National News for Mykuwaits, out of Kuwait. Adil Khan is a senior reporter for Mykuwaits.com and has frequently written about the latest developments in the State of Kuwait. Adil Khan is available on Facebook at the below link, Please send in your leads and tips.
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