Strong Oil prices set Kuwait on road to huge surplus
Kuwait : 22-Aug-2004
Kuwait is set to achieve a budget surplus in excess of $11 billion in the current fiscal year 2004/2005, due to soaring oil prices and higher output. The average price for Kuwaiti oil is expected to be around $35 a barrel for the whole fiscal year, compared to a conservative budget of $15 a barrel. Kuwait crude is currently hovering slightly above $40 a barrel. The emirate is believed to have collected some $9 billion in oil revenues in the first four months of the current fiscal year. Under the prevailing market conditions, it is looking more and more likely that Kuwait will reap a significant windfall from its oil exports, which should generate a budget surplus at least double that of last year.
