Kuwait Energy Outlook
Mar 5, 2019
Kuwait is one of the world’s top ten oil producers and holds the sixth largest proven oil reserves in the world.
With its relatively small population, Kuwait has a very prosperous economy, but it is heavily dependent on oil-export revenues. The oil sector accounts for about 90% of export revenues, and net oil-export revenues are approximately 40% of GDP. Kuwait, like all oil-producing countries, is facing a changing energy world today. Shifting supply, demand and technology trends have ushered in an energy world where oil-price volatility and market uncertainty are the defining features.
To ensure economic development and social prosperity in the years to come, Kuwait will require a new energy strategy, combined with a plan to foster economic diversification and reduce fossil fuel dependency.
Now is a particularly good time for an evaluation of Kuwait’s current energy situation and how energy demand and supply might, and could, evolve over the next two decades