Climate Risks Push Kuwait to Consider Lower Oil-Capacity Targets - Bloomberg:
Kuwait, OPEC’s fourth-biggest member, is considering cuts to its oil production capacity targets, in large part because mounting concern about climate change will constrict demand for fossil fuels.
Kuwait Petroleum Corp. may reduce its long-standing goal of reaching 4 million barrels of daily capacity by 2020 to 3.125 million barrels, according to a person with direct knowledge of the discussions. The state-owned producer’s current capacity is about 3 million.
Such a change would be a rare acknowledgment by a member of the Organization of Petroleum Exporting Countries that environmental issues are influencing producers’ strategies. While most analysts expect the world to keep consuming oil for decades to come, the debate among them now is when, rather than if, demand will stop growing at all.
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