Kuwait Energy Profile: Holds World's Sixth Largest Oil Reserves - Analysis Eurasia Review

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As a member of the Organization of the Petroleum Exporting Countries (OPEC), Kuwait was the world’s 10th largest oil producer in 2012. Despite having the second smallest land area among the OPEC member countries, Kuwait exports the third largest volume of oil.

Kuwait’s economy is heavily dependent on petroleum export revenues, accounting for nearly half of its gross domestic product and nearly 70 percent of export revenues. EIA estimates these revenues were 75 billion dollars in 2012. Kuwait should remain one of the world’s top oil producers as the country pushes towards a target of 4 million barrels per day (bbl/d) of production capacity by 2020.

In an effort to diversify its oil-heavy economy, Kuwait has expanded efforts to develop its non-associated natural gas fields, which remain a small portion of its natural gas production. Greater production of gas can provide fuel for electricity generation which frequently falls short during periods of peak electricity demand."

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