Mubasher: Average price of Kuwaiti crude oil surged 9.4%, or $5.1, to $59.4 per barrel (pb) in the first eight months of the current fiscal year (FY) 2017/2018, from $54.3 pb in October, Kuwait-based Al Shall Economic Consultants said in a report.
The average Kuwaiti oil price of November was higher than the new estimated price of $45 pb in the current FY budget, the report said.
Kuwaiti oil price hiked 12.8% to $44.7 pb in the current FY, compared to the previous FY 2016/17 ended in March, but it was $20.6 lower than the parity price of the current budget estimated at $71, according to the Ministry of Finance's estimates, after deducting 10% for the future generations.
Actual oil revenues reached KWD 7.532 billion in October, compared to KWD 11.7 billion in November, according to the State Financial Administration’s monthly follow-up report.
While the non-oil revenues stood at KWD 808.4 million in the same period and expected to record a total of KWD 1.3 billion for the year, bringing the overall revenues of the current FY budget to KWD 14.9 billion.
Al Shall Economic Consultants forecast that oil revenues would hit KWD 13.6 billion by the end of the current FY, with KWD 1.9 billion up from the estimated revenues amounted to KWD 11.7 billion.
The Kuwait-based company also projected that Kuwait's 2017/2018 FY budget would see a deficit ranged between KWD 3.5 billion to KWD 4 billion.
