Kuwait’s oil income USD86b in 2011: IMF

07 Jun 2011

(MENAFN) The International Monetary Fund (IMF) said that this year, Kuwait’s oil income would reach its highest level to more than USD86 billion and the country’s revenue would go up in 2012 due to oil prices increase, reported Emirates 24/7.

The IMF added that in 2011, Kuwait’s real gross domestic product (GDP) would go up by around 3.3 percent, while it forecasted oil growths to increase 3.2 percent and in the non-hydrocarbon sector to 3.3 percent.

It also said that the country’s oil export earnings would be expected to reach USD86.8 billion in 2011 from around USD61.7 billion last year, and to expand to USD91.8 billion in 2012. Moreover, Kuwait’s crude production would be projected to go u p from around 2.31 million barrels per day (bpd) to 2.42 million bpd this year and to 2.52 million bpd the coming year.

It is worth noting that the Washington based IMF expected crude prices to surge to an average USD105 a barrel the current year and USD105.8 in 2012 to break a new record after they went up at an all time high of around USD93.7 three years ago.

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