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FINANCIAL NEWS
Kuwait oil revenues at USD72.50b in 8 months
28 Jan 2013
(MENAFN) Kuwait’s Ministry of Finance stated that during the first 8 months of the current fiscal year 2012/2013, the country’s oil revenues surpassed budget estimates by 140.4 percent, reaching USD72.50 billion, reported Kuwait News Agency (KUNA).
Furthermore, the 8-month oil revenue was also higher that the state budget’s forecasts for the whole fiscal year by USD27.25 billion.
The ministry said that the country’s budget assumes the price of an oil barrel to be at USD65, which is lower than the real price of oil on market.
Oil revenues in April 2012 – November 2012 period accounted for 94.7 percent of Kuwait’s total revenues, estimated at USD76.56 billion.
It is worth noting that in November alone, the Gulf state’s oil revenues soared by 75.4 percent from the estimated average for the month, reaching USD87.66 billion.
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