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FINANCIAL NEWS
IMF sees Kuwait’s oil revenue to exceed USD114b in 2012
12 Jul 2012
(MENAFN) A recent report issued by the International Monetary Fund (IMF) expected Kuwait’s oil revenue to surge to over USD114 billion this year, on higher oil prices and output, Emirates 24/7 reported.
The IMF said oil prices could exceed USD100 this year, and with higher output from Kuwait could boost its income to around USD114.4 billion in 2012.
The report added that higher oil exports will push Kuwait’s current account surplus to a record USD88.4 billion in 2012 compared with the record surplus of nearly USD70.8 billion in 2011.
The report said that Kuwait’s revenue from crude exports reached USD98.7 billion last year, benefiting from prices soaring to all time high of more than USD105. The Gulf estate also boosted output to almost 2.6 million bpd.
Earnings are projected to slip in 2013 but will remain as high as USD105.4 billion as the IMF expects crude prices and the Gulf country’s output to remain high.
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