OPEC member Kuwait netted nearly $320 million a day from hydrocarbon exports in fiscal year 2022-2023 after a sharp rise in oil prices, official data showed on Thursday.

The average price of Kuwait’s crude climbed to one of its highest levels to around $97 a barrel during that fiscal year, which ended on 31 March, the Finance Ministry report, published by the Kuwaiti daily Alqabas said.

The rise boosted the combined earnings of state oil operator Kuwait Petroleum Corporation from the sales of crude oil, gas, refined and petroleum products by nearly 31 percent during that period, the report showed.

The earnings stood at around $35.4 billion during 2022-2023, a daily average of nearly $320 million.

Kuwait controls the world’s sixth largest proven oil deposits of around 101 billion barrels and produces nearly 2.5 million barrels per day.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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