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Peace at any cost is a Prelude to War!
Kuwait: Mixing Oil and Politics
27 August 2001
Summary
The Kuwaiti government is preparing to pressure a reluctant parliament to
approve foreign involvement in the country's oil sector. The government is
motivated to reverse a 20-year Kuwaiti oil policy in response to the threat
of lower oil prices and a resurgent Iraq.
Analysis
Kuwaiti Oil Minister Adel Khaled al-Subaih said on Aug. 15 he had "great
hopes" that his country's parliament would approve a bill to allow
international oil firms to operate in the country's upstream sector, Reuters
reported. Al-Subaih has spent the past few months heavily promoting the
ruling family's plan to involve foreign oil companies in boosting oil output.
Besides financial gain, Kuwait's ruling family, which makes up most of the
executive branch, is motivated by two factors: a possible decrease in oil
prices and a resurgent Iraq. These threats will prompt the government to push
the project through a recalcitrant parliament. Such a move would increase
revenues for Kuwait and open a new avenue of investment for foreign companies.
If parliament permits foreign companies to pump Kuwaiti oil, it would reverse
more than two decades of policy. Western oil companies are extremely
interested in entering the Kuwaiti market, given its low extraction costs and
solid infrastructure. Foreign oil companies in the running include British
Petroleum, Chevron, Conoco, ExxonMobil, Lasmo, Shell, Texaco and
TotalFinaElf, according to the U.S. Department of Energy.
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