Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah said on Sunday that the Persian Gulf country is currently producing more than 2.8 million barrels of oil a day in line with its OPEC quota, Reuters reported.

Sheikh Nawaf Saud al-Sabah also noted that Kuwait plans to increase its crude production when the market needs it, but for now, the state corporation's customers still demand the same volumes without change.

Kuwait produces 650 million cubic feet of gas per day and plans to increase that to one billion, he added.

Speaking about market conditions, he said, uncertainty exists in all markets, whether gas or oil... there are questions about the future of the global economy, especially with regard to rising interest rates and the expected downturn in the global economy, and the extent to which they affect oil demand.

OPEC and allies, including Russia, known as OPEC+, have been ramping up oil production this year, seeking to reverse record cuts imposed in 2020 after a pandemic curtailed demand.

In recent months, however, OPEC+ has failed to achieve planned production increases due to underinvestment in oil fields by some OPEC members and declining production in Russia.