“In January we produced an average of 2.9 million bpd... and I think that the current oil prices are reasonable,” KPC Chief Executive Farouk Al-Zanki said.
Brent March crude futures fell $1.28 to settle at $117.31 a barrel on Friday, while US March crude, after three consecutive higher settlements, fell $1.17 to end at $98.67 a barrel.
Asked what Kuwait would do if Iran’s threats to shut down the Strait of Hormuz materialize, Zanki said Kuwait had a “strategic plan” to overcome this but declined to give further details.
Tehran has threatened to close the narrow shipping lane at the mouth of the Gulf if Western sanctions stop the sale of Iranian oil over Iran’s disputed nuclear program.
A senior Kuwaiti coast guard official said recently that Gulf naval forces had contingency plans for a possible attempt by Iran to shut Hormuz.
