GLOBAL OIL

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Kuwait is a small, waterless, barren country that happens to sit atop 10% of the world's crude oil reserves.

Petroleum is the mainstay of the Kuwaiti economy. It provides most of the government's income and almost all export revenue. Kuwait's dependency on oil makes it vulnerable to price swings in global markets.

Most of Kuwait's oil lies in the giant Burgan field (66 to 72 billion barrels) where the crude practically oozes out of the ground. The remaining capacity of Burgan is disputed. Some say it has peaked and is in decline. But it certainly has at least 30 years of production left.

Kuwait's petroleum infrastructure suffered a savage blow from the 1990 Iraqi conquest. The Burgan field was set afire and the 30-mile long smoke plumes could be seen from space. Kuwait used up more than half of its invested financial reserves to repair all the damge.