Mubasher: The recent data by the Central Bank of Kuwait (CBK) showed a growth of 19.3% in Kuwait’s oil exports in 2017 when compared to 2016.
Oil exports increased to KWD 14.95 billion ($49.60 billion) in 2017 from KWD 12.53 billion ($41.57 billion) in 2016.
Kuwait has reduced its oil production in 2017 as a compliance with its agreement with the OPEC and non-OPEC members. The agreement is to reduce oil output by 1.8 million barrels per day.
Kuwait’s balance of goods reported a surplus of 31.7% to KWD 7.76 billion in 2017 from KWD 5.89 billion in 2016.
The balance of payments registered a drop of 40.7% to KWD 569 million in 2017 compared to KWD 960 million in 2016.
