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Kuwait Oil is said be at least 10% of all the oil reserves in the world. The Kuwait oil reserves equals to 96.5 million barrels that can last for some 100 years or even more. Kuwait Oil is the key factor that boosts the Kuwait economy granting it a notable position in the world. Kuwait is also a member of OPEC and has to adhere to certain guidelines for distributing Kuwait Oil. International concessionaires ruled Kuwait oil industry till 1973. At that time the Kuwait oil production had reached its peak. From 1977 onwards the Kuwait oil industry got nationalized and the government introduced a policy of reducing the production and conserving Kuwait Oil. Later the Kuwait oil industry moved on to activities like overseas and local refining, transportation and product distribution.
Kuwait Oil Companies
Kuwait Petroleum Company was set up in 1980 to handle the quickly growing Kuwait Oil. The company has various other objectives like protecting the hydrocarbon reserve of Kuwait, earning more revenues and committing itself completely to the benefits of Kuwait.
Kuwait Oil Company or KOC was established in as early as 1943 and its functions include exploring, drilling, and producing Kuwait Oil and gas.
Kuwait Oil and its products have taken the economy of the Kuwait to soaring heights and gave it a prominent position in the world economy.
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