Kuwait manages to achieve more than KD17 billion revenue by end of January

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KUWAIT CITY, Feb 26: Kuwait has managed to achieve KD 17.013 billion in revenues, equivalent to 56.4 billion dollars (KD = 3.2933 dollars) by the end of January, two months before the end of the financial year 2018/2019 reports Annahar daily. The data shows that 112.8% of the estimated revenues for the entire fiscal year amounted to KD 15.089 billion.

The actual oil revenues as of 31/01/2019 was about KD15.867 billion dinars, or about 119.1% of the estimated oil revenues for the current fiscal year in its entirety, amounting to about 13.318 billion dinars, accounting for about 93.3% of total revenues. The average price of a barrel of Kuwaiti oil was about 69.1 dollars during the past fiscal year 2018/2019.

The value of non-oil revenues was KD 1.146 billion during the same period and at a monthly rate of about 114.588 million dinars, while the budget estimate for the entire fiscal year was about 1.772 billion dinars, and if continues at this level, will be the lowest rate for the entire financial year of about KD 396.5 million than estimated. Kuwait’s crude oil exports last December were 4.9 percent yearon- year, the highest level since April 20, 2017. According to the Joint Oil Data Initiative (JDI), Kuwait’s oil exports rose by about 99,000 barrels to 2.12 million barrels per day in December 2018, from 2.021 million barrels per day in the same month last year.

The volume of Kuwait’s crude oil exports increased by 2.4 percent on a monthly basis by 50 thousand barrels per day, compared with 2.07 million bpd in November 2018, JDI said. Kuwait’s oil exports averaged 2.052 million barrels in 2018, up from 2.008 million barrels per day (bpd) of 2017 exports, according to data.

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