COP28 a milestone in climate action: Kuwaiti Minister of Oil

VIENNA, 6th July, 2023 (WAM) -- Saad Al Barrak, Deputy Prime Minister, Minister of Oil and Minister of State for Economic and Investment Affairs of Kuwait, affirmed that the Organisation of the Petroleum Exporting Countries (OPEC) plays a vital role in stabilising the global oil market.

In his statement to the Emirates News Agency (WAM) on the sidelines of the 8th OPEC International Seminar, which began on Wednesday in Vienna, Al Barrak said that Kuwait aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024.

He also highlighted Kuwait's positive role in supporting OPEC, fostering consensus and collaborating with member countries and customers worldwide to contribute to the stability, resilience and development of the market.

Oil and its derivatives are a fundamental component of the Kuwaiti economy, Al Barrak added, noting that as part of its strategic plan, Kuwait aims to invest over US$300 billion in the energy sector by 2040.

Global investment in the energy sector faces significant gaps that need to be filled to prevent crises that could adversely affect the markets and the global economy, he further added.

Regarding the UAE’s hosting COP28 at the end of 2023 and Kuwait’s role in ensuring the event's success, Al Barrak said, “We are ready to collaborate with the UAE to make this significant climate and environmental event hosted by the region a success. The success of the conference will be the culmination of international climate action and the cooperation and joint efforts to protect the planet.”

He then affirmed his country's commitment to reach net zero by 2050 and its focus on investing in alternative and environmentally friendly energy sources to enhance its stature as a global energy hub.