Kuwait oil revenues KD 2.47b in month

This news has been read 17014 times!

Average barrel rate $79.86

KUWAIT CITY, April 11: By the end of the last month of the 2021/2022 fiscal year, the Kuwaiti barrel achieved an average price of about $ 113.936 in March, thereby bringing the average price of the Kuwaiti barrel during the entire last fiscal year to about USD 79.86. This is less than the budget breakeven price of about $90 per barrel, which is about 11.26 percent, reports Al-Rai daily.

In light of the increase in the average price of a Kuwaiti barrel in March by about 21 percent compared to its average of about $ 94.2 in February, it is assumed that Kuwait will achieve oil revenues of about KD 79.73 million per day in March, i.e. KD 2.47 billion during the whole month, considering the export and sale of 2.3 million barrels per day, and bearing in mind that the total production is about 2.639 million barrels, including domestic consumption. By adding the KD 2.47 billion to the oil revenues of KD 14.267 billion that Kuwait obtained during the first 11 months of the fiscal year, according to data from the Ministry of Finance, Kuwait would have achieved total oil revenues of about KD 16.737 billion, i.e. KD 7.61 billion more than the estimated 83.4 percent in the budget amounting to KD 9.127 billion.

Assuming the collection of non-oil revenues of KD 1.802 billion estimated in the entire budget, it means that the total oil and nonoil revenues will reach KD 18.539 billion. Kuwait will thus record a financial deficit of about KD 4.5 billion for the last fiscal year. The government decided to reduce its total spending by about ten percent from what is estimated in the budget, according to the directives of the Council of Ministers and the Ministry of Finance. This means a decrease in expenditures from KD 23.048 billion to 20.7 billion, which would reduce the budget deficit of 2021/2022 fiscal year to about KD 2.16 billion.

This news has been read 17014 times!