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Politics : Rat's Nest - Chronicles of Collapse
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To: Wharf Rat who wrote (4391)7/5/2006 10:16:44 AM
From: Wharf Rat  Read Replies (1) of 24225
 
Opposition demands ‘true’ reserve figures in Kuwait
by Jyotsna Ravishankar

Kuwaiti energy minister may have to answer a few questions before anymore production hikes.
Kuwait’s opposition alliance, which swept to victory in parliamentary elections on June 30th, will reject a government plan to raise oil production capacity in the light of reports that the country’s reserves are half the official figure, a leading opposition MP said.

“We will work to introduce key changes to the government oil policy in a bid to halt plans that aim to raise oil production, because such plans are unnecessary,” liberal MP Abdullah Al Nibari said.

A group of lawmakers in the previous parliament had submitted a bill that would limit Kuwait’s annual production to 1% of proven reserves.

Based on official reserve figures this would freeze Kuwait’s production at 2.5 million barrels per day (bpd), scuppering its plans for a massive production increase.

But if lower, more conservative figures are taken into account—as some opposition leaders want to—then Kuwait would have to halve its current production, which would drive world prices higher.

Parliament has already delayed government plans to open Kuwait’s northern oil fields to development by foreign companies, and the results of last month’s elections may
have further muddied the water for investors as political analysts take stock of the results.

The opposition alliance composed of Islamists, liberals and nationalists, for the first time gained an absolute majority after winning 33 of the 50 parliamentary seats.

itp.net
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