Monday 04, June 2018 by Jessica Combes

Kuwait's oil revenues likely to score KWD 16.8 billion

 

The average price of Kuwait’s crude oil for most of May was $72.7 per barrel

Kuwait is expected to have achieved oil revenues worth KWD 1.5 billion in May, assuming that oil production and prices would remain at the current levels and would score about KWD 16.8 billion in oil revenues for the entire current fiscal year, which is KWD 3.5 billion higher than the value of oil revenues estimated for the budget at KWD 13.3 billion, according to Zawya.

Adding KWD 1.7 billion in non-oil revenues means total budget revenues in Kuwait would score KWD 18.5 billion for the current fiscal year.

The average price of Kuwait’s crude oil for most of May scored $ 72.7 per barrel (pb) by the end of May 2018, the second month of the current fiscal year 2018/2019, according to a recent report by Al Shall Consulting.

This price level is $22.7 or 45.4% higher than the new hypothetical price in the current budget at $50 (pb). It is also $27.7 higher than the hypothetical price for the prior fiscal year which registered $45 pb, Zawya said.

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