Kuwait's Oil in Three Charts

Today is Kuwait’s national day. It commemorates the day in 1950 in which Sheikh Abdullah Al-Salim Al-Sabah became the ruler of Kuwait. Kuwait was a British protectorate until its independence in 1961.

Oil was discovered in 1938.  Burgan oil field is the second largest in the world.  However, it is the largest “sandstone” oil field.   Kuwait exported its first crude oil shipment on June 30, 1946.

Kuwait contains about 10% of the world's oil reserves. It is the world’s 10^th largest oil producer.  Kuwait’s natural gas reserves are very small.  It has to import LNG, especially in the summer, to meet domestic consumption.  Kuwait is considered among the richest countries in the world with a population of around 4.4 million people.

The charts below show Kuwait’s oil production, reserves, consumption, and exports.

Figure (1)

Kuwait Crude Oil Production (mb/d)

Source: OPEC, 2023 and EOA, 2023

Figure (2)

Kuwait’s Total Oil Production, Consumption, and Exports (mb/d)

Source: O&G Journal, 2022, BP 2023, and EOA, 2023

Figure (3)

Kuwait Oil Reserves (Billion Barrels)

Source: O&G Journal, 2022, BP 2023, and EOA, 2023