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Oil Sector — KPC and the Economics of Kuwait's Heavy Crude
Holding 101.5 billion barrels of oil reserves, Kuwait relies on oil for 90% of export earnings. State giant KPC is expanding heavy crude extraction through $28 billion downstream mega-projects like the Al-Zour Refinery, balancing ultra-low extraction costs at Burgan against OPEC+ quotas and long-term decarbonization risks.
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