Kuwait - Mubasher: The average price of Kuwaiti oil levelled up 7.3%, or $3 per barrel (pb), month-on-month to $44.3 pb by the end of June 2016 from $41.3 pb, AlShall Consulting Company said in a report.
The average price surged 77.2%, or $19.3, over the hypothetical price estimated in the new budget which is $25 pb.
Compared to June 2015, the current average price is down 24.9% from $59 pb. However, the average price for June 2016 is higher by about 3.7% than the average price of the last fiscal year.
Kuwait is supposed to have achieved actual oil revenues in June amounting to KWD 1.2 billion ($3.98 billion), the report said, adding that by assuming that production levels and prices will be maintained, Kuwait should achieve about KWD 13.2 billion ($43.74 billion) in oil revenues for FY16/17, which is KWD 7.4 billion higher than the amount estimated in the budget at KWD 5.8 billion.
Considering the non-oil revenues, which will add KWD 1.6 billion to the sum, the budget’s revenues would score KWD 14.8 billion. This total may result in a KWD 4 billion deficit, after adding KWD 18.9 billion expenditures allocated for FY16/17.
