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Oil Industry In Kuwait

The Kuwaiti oil industry is a prosperous oil field. The petroleum industry is Kuwait's largest sector, which accounts for almost half of the country 's GDP.

Kuwait has reserves of crude oil which exceed 104 billion barrels. It is estimated that this is around 9 per cent of the world 's total reserves. Kuwait's oil reserves are the fourth-largest in the world. One of Kuwait 's fields is the world's second most extensive oil field. Kuwait is also known to be the world's 11th largest oil producer, and the world's 7 largest oil exporters. Their total oil production accounts for 7% of all oil production around the world.

Kuwait 's Government has absolute sovereignty of Kuwait's oil industry. The government controls the economy of the country and controls about 43 per cent of GDP. Based on domestic needs as well as external demand and costs, oil exports differ. Practically all of Kuwait 's energy comes 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.

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