Kuwait to spend over 30 billion dollars to increase oil production.

The Kuwait Petroleum Corporation (KPC) intends to invest 10 billion dinars (33 billion dollars) to expand oil production over the next five years due to stable demand for this resource.

According to a Bloomberg report, these investments are part of KPC's overall investment program totaling 20 billion dinars, launched in April, which covers all stages - from exploration to petrochemicals. The exploration and production division of the company plans to reach a productivity of 3.2 million barrels per day by next year and up to 4 million barrels per day by 2035.

Currently, Kuwait is already one of the top ten producers in the global market, extracting slightly less than 2.5 million barrels per day. This gives it an advantage over other OPEC member countries, such as Nigeria and Libya.

However, restrictions under the OPEC+ agreement may complicate further increases in production. Currently, Kuwait's quota is approximately 2.4 million barrels per day. The OPEC+ group plans a gradual increase in production at the beginning of next year, but these increases will be limited.