Kpc Increases Oil Production Costs By $30 Per Barrel Due To War

Nawaf Saud Al-Sabah, CEO of the Kuwait Petroleum Corporation, was reported by Bloomberg Agency as claiming that the Russian-Ukrainian war increased the cost of producing oil by $30 per barrel.

"There are additional expenses, or what we term (war premium), in the present oil prices of roughly $30 per barrel," Al-Sabah remarked on the sidelines of the Qatar Economic Forum. Despite the slowdown in growth, there are no signs that high oil prices are destroying demand, according to a local Arabic newspaper.

As we receive more orders from Europe for Kuwaiti oil products towards the end of the year, he said, "European purchasers are looking for more refined oil from Kuwait before the Al-Zour refinery is completely operating. The Kuwait Petroleum Corporation's units are not currently scheduled to be listed on the stock exchange, but that may change in the future. He said, "Kuwait has the production capability to meet its full production quota (OPEC) and respond to any future increase."

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