- LONDON: Kuwait pumped 3.05 million barrels a day of oil last week, Kuwaiti industry sources said, its highest output this year, and evidence that Gulf countries continue to strive to push world oil prices below $100 a barrel.
Gulf Arab OPEC producers Kuwait, the United Arab Emirates and Saudi Arabia have been trying to compensate for the loss of Libyan supplies and to prevent high fuel prices dragging on weak world economic growth.
They opened up the taps in June after failing to convince the 12-member Organization of the Petroleum Exporting Countries to lift its production target.
Leading price hawk and current OPEC president Iran has called on the Gulf countries to reduce supplies ahead of a mid-December OPEC meeting.
Output above 3 million bpd for Kuwait is not thought to be sustainable and it is not clear yet whether average monthly output will beat the 2.9 million bpd Oil Minister Mohammad Al-Busairi said Kuwait produced in October.
Industry estimates put Kuwaiti output at 2.5-2.6 million bpd from June to September.
The Gulf emirate last pumped more than 3 million barrels daily for a sustained period in 1973.
Brent crude prices at $109 a barrel are down from $118 during OPEC's June meeting but average prices for the year are still on course for an all-time record. Brent for the year to date is above $111 a barrel, versus the $103.40 record of 2008.
UAE Oil Minster Mohammed bin Dhaen Al-Hamli said recently that a reasonable price range for producers was $80-$100 a barrel.
