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Kuwait views low oil prices as an opportunity for growth

Falling oil prices have not yet persuaded the country to abandon its aggressive capacity growth plans

However deep the gloom elsewhere, in Kuwait City the mood is bullish. Oil prices won’t stay this low, predict executives, citing ever-rising demand from Asia. Anyway, if they do, Kuwait will still prosper. “We needed this correction,” said Sara Akbar, chief executive of Kuwait Energy, a private firm. “This is an opportunity.” Her country enjoys the lowest per-barrel production costs in the world, she said, and the market’s weakening will expose this competitive advantage. “The last barrel of oil from this planet will be produced by Kuwait.” Kuwait’s oil ministry exudes similar confidence. A $100 billion plan to raise production to 4 million barrels a day (b/d) by 2020 and expand the countr

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