KUWAIT

The International Oil Agency (IEA) sees Kuwaiti oil production declining by some 415,000 b/d over the next five years, according to the 2014 edition of its Medium-Term Oil Market Report (MTOMR) released this week.

Kuwait insists that its production capacity will rise from the current figure of about 3.2mn b/d to 4mn b/d by 2020 (see graph). However this is sharply at odds with the latest projections from the IEA, the energy arm of the OECD group of rich countries.

The IEA sees...