When Western oil giants cut production, state-owned companies raise the bar

Kuwait announced last month that it plans to increase its production from 2.4 million barrels per day to four million barrels per day over the next five years.

The United Arab Emirates, a major member of OPEC, which produces four million barrels of oil a day, By 2050, zero zero was the first Persian Gulf government to pledge to target carbon emissions. , Invests $ 122 billion in new oil and gas projects

Iraq, the second largest producer of oil after Saudi Arabia, plans to invest heavily in oil production in recent years to increase production from 5 million barrels a day to eight million barrels a day. The country is suffering from political turmoil, power shortages and inadequate ports, but the government has entered into a number of major agreements with foreign oil companies to allow the state power company to develop new areas and improve its production.

Production is booming, even in Libya, where rival factions have exhausted the oil industry for years. In recent months, the nine-year-old has been burning 1.3 million barrels a day. The government aims to increase that total to 2.5 million barrels per day in six years.

Brazil, Colombia, and Argentina are working to produce more oil and gas to raise revenue for their governments as rich countries reduce their use of fossil fuels.

After years of disappointing prospects, production in Vaca Muyer, or Cow, has jumped in Argentina this year. The field did not supply more than 120,000 barrels of oil in a single day, but now it consumes 200,000 barrels a day, according to Restad Energy, a research and consulting firm. The government, which is considered the leader of climate change in Latin America, has introduced legislation to encourage more production.

“Argentina is concerned about climate change, but it does not see it as its primary responsibility,” said Lisa Viscidi, an energy expert at the Washington-based think tank. “The rest of the world needs to reduce oil production around the world, but that doesn’t mean we have to change our behavior,” he said.

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