Climate Risks Push Kuwait to Reconsider 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.
Delays in Kuwaiti oil projects are also a factor in the target revision, the person said, asking not to be identified because the discussions are private. KPC has already pumped much of the country’s easily accessible oil, and it lacks the expertise to exploit hard-to-reach deposits, the person said.
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