Mubasher: Kuwait’s Ministry of Oil and the Kuwait Petroleum Corporation (KPC) proposed a $55 per barrel (pb) oil price for the budget for the fiscal year 2019/2020 that starts next March.
The Gulf nation’s oil ministry changed its estimated oil price to $55 pb from a previous estimate of $60, an official source told Al Anba newspaper.
Kuwait’s budget is based on an oil price estimate of $55 pb and expected production of 2.7 million barrels per day (bpd), the source added.
The country’s Ministry of Finance is expected to announce the new budget sometime this month.
Kuwait allocates 10% of its revenues to its Future Generations Fund, which is managed by the Kuwait Investment Authority (KIA).
