One step forward, two steps back in Kuwait
Renewed political upheaval augurs ill for oil sector development plans
Kuwait’s newly anointed oil minister Mohammed al-Fares took to state media in early January to celebrate the discovery of three new oilfields by Kuwait Oil Company (KOC)—claiming the fresh reserves would help the state-owned firm achieve the production goals enshrined in its government-sanctioned 2040 strategy. However, the primary obstacle to meeting such output ambitions is less a lack of hydrocarbons resources than the glacial pace of their development. The relevant target—to raise capacity from c.3.1mn bl/d to 4mn bl/d—was originally due to have been hit last year. Nine days after his moment of triumph, Fares was out of a job after a mass resignation of the cabinet, appointed only the pr
Also in this section
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
22 July 2025
Next year’s WPC Energy Congress taking place in April in Riyadh, Saudi Arabia will continue to promote the role of women in the energy sector, with a number of events focusing on the issue.
22 July 2025
Pedro Miras is the serving President of WPC Energy for the current cycle which will culminate with the 25th WPC Energy Congress in Riyadh, Saudi Arabia in April 2026. He has over 30 years of experience in the energy sector, including stints with Repsol and the IEA. Here he talks to Petroleum Economist about the challenges and opportunities the global energy sector currently faces.
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
