Petroleum industry in Kuwait's theme is one that has captivated the attention of many people over time. Whether due to its relevance in history, its impact on current society, or its importance in the academic field, Petroleum industry in Kuwait has been the object of study, debate and reflection. In this article, we will explore different aspects related to Petroleum industry in Kuwait, from its origin and evolution, to its influence in various areas. Through a deep and detailed analysis, we will seek to better understand the importance and role that Petroleum industry in Kuwait plays in today's world. Without a doubt, Petroleum industry in Kuwait is a topic that continues to generate interest and curiosity in many people, and we hope to be able to offer a complete and enriching overview of this fascinating topic.
The petroleum industry in Kuwait is the largest industry in the country, accounting nearly half of the country's GDP. Kuwait has proven crude oil reserves of 104 billion barrels (15 km3), estimated to be 9% of the world's reserves. Kuwait's oil reserves are the sixth largest in the world and the Burgan Field is the second largest oil field. Kuwait is the world's eleventh largest oil producer and seventh largest exporter. Kuwait's oil production accounts for 7% of world-wide oil production.
Since the government of Kuwait owns the petroleum industry, it controls a lot of the country's economy; in all, about 43 percent of the GDP. Kuwait’s oil exports vary depending on internal needs – almost all of Kuwait’s energy is derived from oil – and on international demand and prices and production quotas fixed by the OPEC, of which Kuwait is a member. OPEC’s quotas, however, are difficult to enforce, and Kuwait and other countries have been accused of violating them. In 2005, oil production was an estimated 2.418 million bbl/day.
Kuwait's chief oil companies are: