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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 km 3 ), [1] 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.
The Kuwait Oil Company Limited was established in 1934, through an alliance between the Anglo-Persian Oil Company and the American Gulf Oil Company, [6] and is currently a subsidiary of the Kuwait Petroleum Corporation (KPC). The oil concession rights were awarded to the company on 23 December 1934, and it started its drilling operations in 1936.
History. On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
The Kuwait Petroleum Corporation is the major state-run body governed by the ministry. Ministers and functions. The minister of oil is the major advisor to the Amir of Kuwait. The minister is also a member of the Supreme Petroleum Council. [citation needed] From 1978 to June 1990 Ali Khalifa Al Sabah was the minister of oil.
Oil well fires, south of Kuwait City. (Photo taken from inside a UH-60 Blackhawk; the door frame is the black bar on the right of the photo) The dispute between Iraq and Kuwait over alleged slant-drilling in the Rumaila oil field was one of the reasons for Iraq's invasion of Kuwait in 1990. Kuwaiti oil well fire, south of Kuwait City, March, 1991
The Kuwait National Petroleum Company (KNPC) ( Arabic: شركة البترول الوطنية الكويتية) is the national oil refining company of Kuwait. Established in October 1960, KNPC handles the responsibility of oil refining, gas liquefaction, and distribution of petroleum goods within the local market. KNPC is also handling CFP ...
Oil reserves in Kuwait. Oil reserves in Kuwait make up 8% of the oil reserves in the world. Kuwait is OPEC's third largest oil producer and claims to hold approximately 104 billion barrels (16.5 × 109 m 3 ). This includes half of the 5 billion barrels (790 × 106 m 3) in the Saudi-Kuwaiti neutral zone, which Kuwait shares with Saudi Arabia.
Since its independence in 1961, Kuwait maintained strong international relations with most countries, especially nations within the Arab world. Its vast oil reserves gives it a prominent voice in global economic forums and organizations like the OPEC. Kuwait is also a major ally of ASEAN, a regional ally of China, and a major non-NATO ally.