The State Oil and Gas Corporation of Kuwait announced the opening of a new oil field in Al-Nuhida. The new oil and gas field is located east of Faylaka Island in the Persian Gulf. According to Sheikh Nawaf Saud Al-Sabah, CEO of the Kuwait Oil Corporation, preliminary estimates indicate that the field contains about 2.1 billion barrels of oil and 5.1 trillion cubic feet of natural gas. That's roughly 3.2 billion barrels of oil equivalent. According to Al-Sabah, the coal from the deposit is equivalent to roughly three years of Kuwait's annual production. Kuwait has one of the largest oil reserves in the world. The country is the fifth largest producer among OPEC member countries, with current production of approximately 2.48 million barrels per day. By 2035, Kuwait aims to increase its capacity to 4 million barrels per day.