The Kuwait Foreign Petroleum Exploration Co (KUFPEC) is maintaining its oil output despite the drop in crude prices and global energy demand, the state-run KUNA news agency reported on Thursday, citing acting chief executive Nawaf Al-Sabah.
The company’s output remains at an average 108,000 barrels per day, the agency quoted Al-Sabah as saying.
State-owned KUFPEC operates outside Kuwait, with exploration and production ventures in 13 countries, according to its website.
Oil prices were driven to their lowest in two decades after the spread of the #coronavirus and a market share battle between #SaudiArabia and #Russia.
— Al Arabiya English (@AlArabiya_Eng) March 21, 2020
Here’s what happened:https://t.co/pJWfMQzBau pic.twitter.com/tmd1ABD0oA
Read more: Here’s who’s winning and losing from the Saudi-Russia oil price war
Opinion: Forget US shale, Russia will be the main victim of the OPEC+ spat
-
Coronavirus: Pompeo urges Saudi Arabia to reassure oil, financial markets
US Secretary of State Mike Pompeo has spoken with Saudi Arabia’s Crown Prince Mohammed bin Salman on the global response to the coronavirus pandemic ... Economy -
Gulf dollar pegs still effective amid coronavirus, Saudi-Russia oil price war: IMF
Dollar pegs in the Gulf have proven effective even as the region now faces the coronavirus outbreak and the crash in oil prices, the International ... Economy -
Major energy firms slash spending amid oil price war, coronavirus pandemic
Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up ... Features