The oil industry in Kuwait is a thriving oil industry. The petroleum industry is the largest industry within Kuwait and it accounts for nearly half of the GDP of the country.
Kuwait has crude oil reserves that exceed 104 billion barrels. This is estimated to be about 9% of the total reserves in the world. The oil reserves in Kuwait are the fourth largest in the world. One of the fields in Kuwait is the second largest oil field in the world. Kuwait is also considered the 11th largest oil producer in the world and the seven largest oil exporters in the world. Their total oil production accounts for 7% of all oil production around the world.
The government of Kuwait has complete ownership over the oil industry in Kuwait. The government controls the country’s economy and controls approximately 43% of the GDP. The oil exports vary depending upon internal needs as well as international demand and prices. Almost all of the energy in Kuwait is derived from oil. Kuwait is a member of the OPEC and they have different quotas which wait must adhere to. However Kuwait and other countries often been accused of violating these quotas.
There are multiple oil companies within Kuwait. The Kuwait petroleum Corporation is the group responsible for all international marketing of oil with in the country. The Kuwait oil company is responsible for all exploration of crude oil and all development of crude oil around the country. The Kuwait national petroleum company is responsible for running and overseeing all of the oil refineries across the country.
The petrochemicals industries company is the key company responsible for manufacturing fertilizer and petrochemicals. The Kuwait petroleum international is an organization which oversees all marketing business and handles all refining marketing. The Kuwait foreign petroleum exploration company is responsible for all international exploration of oil. The petroleum training center is where all training and career development takes place for every company with in the oil industry of Kuwait. The Kuwait oil tanker company is responsible for all shipping of crude oil around the world. The Kuwait Gulf oil company is responsible for exploring and producing oil and gas from the neutral zone shared with Saudi Arabia. This is a joint venture that continues today with Saudi Arabia.