Kuwait-Mubasher: Oil prices in Kuwait declined to $24.12 on Thursday, compared with $26.44 a day earlier.
Oil prices have dropped by 60% compared to its level at the end of 2014. Accordingly, the state's revenues steeply declined as oil represents nearly 80% of the total revenues.
Kuwait is expected to post a budget deficit of KWD 8 billion this year, and thus the government seeks to rationalise energy subsidy which is estimated at approx. KWD 4.7 billion, or 26% of the total spending.
