Kuwait's government has appointed a new chief executive at state oil company Kuwait Petroleum Corporation (KPC).

KPC oversees the Opec member's upstream and downstream energy industry. Kuwait is the world's seventh-largest oil exporter.

Saad Al-Shuwayib has taken on the top job, and will also become KPC's deputy chairman, a KPC spokesman said.

Al-Shuwayib has been acting chief executive since Hani Hussein retired at the end of April.

Shuwayib was chairman and managing director of KPC subsidiary Petrochemical Industries Company (PIC).

Kuwait has yet to appoint a new oil minister after the previous incumbent Sheikh Ali Al-Jarrah Al-Sabah resigned in June after parliament scheduled a no-confidence vote against him.

Water and Electricity Minister Mohammad Al-Olaim was appointed acting oil minister after Sheikh Ali's resignation.

Kuwait sits on around 10 percent of the world's oil reserves. It produced 2.42 million barrels per day of crude in June, according to a Reuters survey. - Reuters