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Sun, 22 Nov 2009 | 06:06 GMT
 

Kuwait projected to post KD 2 billion in surplus -- think tank

KUNA (Kuwait News Agency)
 
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KUWAIT, Jan 3 (KUNA) -- The state budget is projected to post KD two billion in the end of the current fiscal year, provided prices of oil remain hovering around the level of USD 35-40 per barrel in the next three months, according to a national think tank.

Al-Shal consultancy said in its weekly report that in the shadow of such levels of oil prices, the returns are expected to reach KD 19.9 billion, with the overall income at KD 20.9 billion, along with the spending at KD 18.966 billion.

Three quarters of the fiscal year, 2008-2009, had passed in the end of December. Average price of the Kuwaiti oil throughout most of December stood at approximately USD 36.5 pb.

The price of the Kuwaiti oil posted the lowest fall since start of the year, reaching USD 31.97 pb in the December 26 trades. The price, for 2008, had reached some USD 92.7 pb compared to USD 66.4 pb in 2007, with a rise of 39.6 percent.

Average price of the Kuwaiti oil for the first nine months of the fiscal year stood at USD 93.8 pb, higher by USD 43.8 pb, with a rise of 87.6 percent, higher than the projected price of USD 50 pb, and higher to the price posted in the previous fiscal year (2007-2008), USD 75.6 pb.

Actual oil income posted by Kuwait till the end of November amounted to KD 16.816 billion, and Kuwait was projected to earn KD one billion in December. Upon this, the oil income in the first nine months of the year should amount to KD 17.816 billion.

The report projected overall value of the forecast oil returns for the fiscal year at KD 21.3 billion, higher by KD 9.65 billion compared to the projections.

© KUNA (Kuwait News Agency) 2009

© Copyright Kuwait News Agency 2009.

 
 
 
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