Diversification of export base

Kuwait has typically exported about 80 per cent of its oil to Asia, and those shipments are increasing with the ramp-up of operations at the Nghi Son Refinery and Petrochemical Co in Vietnam. KPC coowns the plant, which can process 200,000 barrels a day.

Despite the lower prices, Kuwait’s crude sales to the US helped the Arab state diversify its exports and offset episodes of weak demand in Asia during economic downturns in that region. The exports also provided a strong economic link with Washington, which played a crucial role in liberating Kuwait after the Iraqi invasion.