- Al-Zour refinery to produce above capacity, KPC CEO says
- OPEC chief previously said US, Europe demand is a concern
According to Bloomberg article published on March 9, 2023, Kuwait Petroleum Corp. expects fuel demand from the US and Europe to remain “quite strong” through the end of this year, Chief Executive Officer Nawaf Al-Sabah told Bloomberg TV.
While the economic outlook in the Western hemisphere is signaling “caution,” the state-owned oil company is seeing continued exports to the region, Al-Sabah said at the CERAWeek by S&P Global conference in Houston.
The oil executive’s comments stand in contrast to a warning Tuesday by OPEC Chief Haitham Al-Ghais, who said slowing demand in the US and Europe is a top concern for the oil cartel. OPEC member Kuwait is the fourth-biggest producer in the group, exporting about 2 million barrels of oil a day.
Al-Sabah also said that the company’s Al-Zour refinery is expected to produce above its nameplate capacity of 615,000 barrels a day when its expansion is complete in the second quarter.
“This is a new refinery that’s bringing on new product into the market,” Al-Sabah said. “So we’re seeing that the natural flow for that product is going into Europe right now.
