Kuwait to raise oil output by 300,000 BPD next year

Kuwait's Minister of Oil Mohamed Al-Olaim has pledged that Kuwait would raise its oil production by 300,000 barrels
Per day (BPD) by mid-2009 and invest U.S. $55 billion in oil projects in
the next five years, reports said Tuesday.
Kuwait has the capacity to increase its output, the Minister said
in remarks published Tuesday.
Speaking to reporters after talks Monday with visiting Japanese
Minister of Economy and Trade Akira Amari, Al-Olaim questioned if the
market needed any additional crude.
Kuwait is the fourth largest producer in the Organization of
Petroleum Exporting Countries (OPEC). It is currently producing about
2.6 million barrels per day, DPA reported.