the crop that best for extraction of oil is what in kuwait

   
the crop that best for extraction of oil is what in kuwait
                                               
                                               
                                               
                                               
  • the crop that best for extraction of oil is what in kuwait
Is Kuwait a good oil producer?

Kuwait is no stranger to revising its oil production targets downwards. Almost two decades ago, it aimed to achieve a production capacity of 4 mb/d by 2020. That target was rolled over by another 20 years. Despite its oil potential, Kuwait lags its peers in the Middle East. It took the emirate 25 years to increase production by nearly 700,000 b/d.

How much oil does Kuwait have?

Kuwait sits on 102 billion barrels of proven oil reserves ¨C an amount equivalent to 6 percent of the world¡¯s total, placing Kuwait seventh in the world (after Venezuela, Saudi Arabia, Canada, Iran, Iraq and Russia).

Why is Kuwait a rare oil-producing country?

Kuwait is a rare oil-producing country that remains closed to the private sector. The International Energy Agency (IEA) projects Kuwaiti oil output to stay at current levels up to 2024 at least. The suspension of production from the PNZ is partly to blame. But looking at the general trend, other factors have played a more significant role.

Should Kuwait engage international oil companies to boost production?

Since the mid-1990s, Kuwait has made some attempts to engage international oil companies to boost production, but the issue remains politically sensitive. Take Project Kuwait, for example, which was initiated in 1997, a period of low oil prices. To incentivize investment, companies would retain control over the operational management of oil fields.