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Kuwait Oil Company Says to Increase Natural Gas Production

A general view of Kuwait City November 10, 2012. REUTERS/Stephanie Mcgehee
A general view of Kuwait City November 10, 2012. REUTERS/Stephanie Mcgehee
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Kuwait Oil Company Says to Increase Natural Gas Production

A general view of Kuwait City November 10, 2012. REUTERS/Stephanie Mcgehee
A general view of Kuwait City November 10, 2012. REUTERS/Stephanie Mcgehee

The state-owned Kuwait oil company aims to increase natural gas production to meet local demand, the company's acting chief executive officer Khaled Nayef Al Otaibi said on Sunday.

"With the world recovering from the disruptions caused by COVID-19 pandemic, demand for oil and gas returned to its pre-pandemic levels in 2019. In this high prices environment, the company is determined to increase its natural gas production in line with Kuwait Petroleum Corporation's strategy to meet the domestic demand for energy", he added during his speech at an energy conference in Kuwait.

Kuwait produces 650 million cubic feet of gas per day, and plans to increase it to one billion, Kuwait Petroleum Corporation's (KPC) chief executive said later Sunday.

Sheikh Nawaf Saud al-Sabah also said the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota.

He said Kuwait has plans to increase crude oil production whenever the market needs it, but currently the customers of the state-owned corporation still demand the same volumes with no change.

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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.