Kuwait targets 4 million barrels oil daily by 2020

March 12, 2012 - 7:25 AM

DUBAI, United Arab Emirates (AP) — Kuwait's oil minister says the country aims to boost its crude production capacity to 4 million barrels a day by 2020, up from 3 million barrels now.

Oil Minister Hani Hussein made the comments Monday at the start of an energy forum in the Gulf nation, according to a report by state news agency KUNA.

Hussein says the International Energy Forum is being held amid "very critical circumstances," citing concerns about Iranian threats to shut the key Strait of Hormuz waterway, the Eurozone crisis and rising oil prices.

Kuwait is OPEC's fourth largest oil exporter.