The Kuwaiti government is allocating 75 billion dinars ($270 billion) to fund oil projects as part of the nation's energy strategy through 2030, the Kuwait News Agency reported Tuesday (December 6th).

"The oil sectors that will be developed also include the petrochemicals sector. The amount was budgeted for the coming years as part of the oil sector plan that aims to produce four million barrels per day by 2030," said Farouk al-Zanki, CEO of the state run-Kuwait Petroleum Company during the 20th World Petroleum Congress in Doha.

"If oil prices maintain their level between $95 and $105 [per barrel], this will encourage oil producing companies to continue investing in oil to develop the sector to ensure continued international supplies," he said.