Kuwait oil chief says OPEC unlikely to change output levels at meeting next week

Kuwait oil minister: OPEC output change unlikely

DUBAI, United Arab Emirates — Kuwait’s oil minister said Sunday OPEC probably won’t change its production levels when it meets next week.

Sheik Ahmed al-Abdullah al-Sabah made the comments to state news agency KUNA, which paraphrased him as saying “it was unlikely the bloc would change output strategy” when it meets in Angola on Dec. 22.

The 12-member Organization of the Petroleum Exporting Countries, which includes Kuwait, has not changed its output targets since it cut production at the end of last year to buoy collapsing oil prices. The bloc supplies roughly 35 percent of the world’s crude.

The oil minister of OPEC heavyweight Saudi Arabia said earlier this month he thought current global oil prices were “perfect.”

Al-Sabah also said Kuwait plans to spend nearly 25 billion dinars ($87.64 billion) on new capital projects in the oil sector through 2030, according to KUNA.

Few details were provided, though al-Sabah said the country wanted to build a new refinery to accommodate increased demand and “cover for the other older refineries in case of failure or need for maintenance work.”

Kuwait’s development minister said in October the government planned to revive the $14 billion refinery project to build its fourth oil refinery, which was scrapped in March amid corruption allegations. Japanese and South Korean companies were going to build the 615,000 barrel a day refinery. It was to come on line 2012.