Kuwait to Spend $115b on Oil Projects

Kuwait Petroleum Corp expects to spend 35 billion dinars ($114.8 billion) on oil projects in the next five years, its chief executive officer said on Monday, adding 30% of the amount would be for local content. Spending by KPC and its affiliates on local services and products will jump to 1.2 billion dinars annually this fiscal year and next year, Essam al-Marzouq, Kuwait's oil minister, was quoted as saying by Reuters. Marzouq and KPC CEO Nizar al-Adsani made the statements at an industry conference. Marzouq also said the compliance of non-OPEC producers with an agreement to cut crude supplies in the first half of 2017 is at 50%. "OPEC’s compliance is around 92%, while non-OPEC countries' compliance exceeds 50%," Marzouq said. Eleven non-OPEC producers pledged in December to support OPEC’s efforts to bring oil markets back to balance and lift oil prices, by cutting a combined 558,000 bpd between January and June. A total of 300,000 bpd of the non-OPEC production cut was promised by Russia.