Oil rich Kuwait has announced to boost oil production from its northern fields to 1 million barrel per day by next five years for meeting the ever growing demand of crude. State-owned Kuwait Oil Company has been chalking out plans to realize its production targets from the offshore using water injection.

Kuwait, the fourth largest oil exporter of the World, currently produces about 650,000 bpd of oil and 500 million cubic feet of gas per day from the fields according to Hosnia Hashim, an executive in charge of North Kuwait for state-owned Kuwait Oil Company.

The country also aims to increase its production targets to 4 million barrel per day by 2020 from around 3 million bpd produced as of now. Its oil production stood at 2.28 million barrels per day (bpd) of crude in December. However, crude oil prices remained cool during the period but started to soar with the improvement in gradually improving market conditions.

Kuwait's crude currently ranges within $70-80 per barrel in line with fluctuations in crude rates in the international market. Crude oil prices remained volatile in the midst of global financial crisis touching a high of around $136 pb in July 2008 and a low of $32 pb in late December last year.