KUWAIT CITY, Dec 27: As the conclusion of the fiscal year 2023/2024's ninth month draws near, marking the end of the year 2023, the average price of a barrel of Kuwaiti oil stands at around $85. This figure surpasses the budgeted estimate of $70, reflecting a notable increase of $15. The calculation for December's average barrel price spans 22 days, concluding as of the previous Friday.

Despite the current year's budget projecting Kuwait's oil production at approximately 2.676 million barrels per day, actual production as of last May witnessed a decrease to about 2.548 million barrels per day. This reduction is attributed to Kuwait voluntarily curtailing its production by approximately 128 thousand barrels per day within the OPEC alliance, a measure taken to support price stability.

Assuming Kuwait exported oil at around 2.2 million barrels per day during the recent period of the fiscal year, considering part of the production is allocated for domestic consumption, the country is expected to achieve oil revenues of about 1.73 billion dinars in the first months of the fiscal year 2023/2024. The average barrel price for the month was approximately $85.5.

In May, the average price of a Kuwaiti barrel stood at $77.3, projecting oil revenues of about 1.62 billion dinars. June recorded the lowest average price during the past nine months at $76.6, resulting in reduced oil revenues of approximately 1.55 billion dinars.

July witnessed an average Kuwaiti barrel price of about $82.4, corresponding to oil revenues of about 1.73 billion dinars. August's oil revenues were estimated at around 1.86 billion dinars, with the average barrel price reaching about $88.7 during the month.

September marked the highest average price for a Kuwaiti barrel at $95.7, leading to oil revenues of 1.94 billion dinars. October maintained the momentum, achieving the highest oil revenues for the period (September and October combined), with the average barrel price at about $92.8 and monthly revenues at 1.944 billion dinars.

November recorded an average Kuwaiti barrel price of $86.4, resulting in oil revenues of about 1.75 billion dinars. As for December, the average barrel price over 22 days reached approximately $79.8. If this average holds until month-end, Kuwait's oil revenues for December are estimated at 1.67 billion dinars. Consequently, Kuwait's oil revenues for the first nine months of the fiscal year are projected to be around 15.8 billion dinars, constituting approximately 92 percent of the total oil revenues outlined in the budget for the entire fiscal year.