Kuwait Oil Company (KOC) will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to the highest level in more than four decades. Kuwait is targeting production of 3.165 mn barrels a day later this year or in 2017, up from the current 3 mn barrels a day according to KOC’s Chief Executive Officer Jamal Jaafar. Kuwait and Iraq are among members of OPEC that plan to meet with other major producers on 17 April in Doha for talks about a freeze. Saudi Arabia, Russia, Venezuela and Qatar agreed in February on a proposal to cap output at January levels, though Iran has refused to participate until it restores production to pre-sanction levels. (Bloomberg)