Kuwait plans to raise its crude oil production by 150,000 barrels per day (bpd) in the third quarter and aims to sign new export deals with European customers soon, a senior Kuwaiti official was quoted as saying.

New contracts are to be signed soon with a number of European companies "with good prices and in large volumes", Nabil Bouresli, managing director of international marketing at Kuwait Petroleum Corp (KPC), told state news agency KUNA.

Kuwait currently produces 3 million bpd and plans to boost its output to 3.15 million bpd in the third quarter of 2016, he said.

He said KPC is currently focusing on the European market which is facing "fierce competition" among producers.

His comments indicate that Gulf Opec producers are not wavering in their strategy of defending market share despite low oil prices. – Reuters