A founding member of the Organisation of the Petroleum Exporting Countries, Kuwait and other members together hold over 80% of the world’s proven oil reserves, of which Kuwait has 101.5bn barrels, or 6%. After the Second World War its role in newly global energy markets gradually increased, with production growing to 1m by 1955. Following independence in 1961, the country spent two decades...
The Middle East Energy
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The fall in oil prices led to significantly reduced government revenues for Kuwait in 2015. Despite this the country’s 2016 spending remained largely in line with previous years as the government opted to draw on its considerable financial buffers to help make up for budgetary shortfalls.
Following a series of high-profile consolidations in Abu Dhabi this year, the Abu Dhabi National Oil Company (ADNOC) is the latest entity to enact structural changes in an effort to drive down costs and increase efficiency.
The government’s recent decision to make cuts to Kuwait’s petrol subsidy system is expected to boost state coffers amid low global oil prices, despite some push-back from organised labour.
Strong domestic demand and the desire to conserve oil resources for export are driving reform in Saudi Arabia’s power sector.
Interviews & Viewpoints | Mohammed bin Saleh Al Sada, Minister of Energy and Industry: Interview from The Report: Qatar 2016
Given current market conditions, to what extent is the country’s domestic energy policy focused on enhancing oil production?