Mubasher: Kuwaiti oil revenues recorded KWD 14.66 billion ($48.35 billion) during the first nine months of the fiscal year 2018/2019, up KWD 1.34 billion from the government’s earlier estimate.
The growth in the country’s oil returns stemmed from the increase in the average price of Kuwaiti crude during 2018, reaching $70 per barrel, according to the finance ministry’s monthly statement.
In December, Kuwait increased its oil output by 29,000 barrels per day (bpd) to 2.8 million bpd.
Pushed up by the growth in oil revenue, Kuwait’s total revenue went up 4% year-on-year to KWD 15.69 billion in the period from April to December 2018, the ministry’s data showed.
Kuwaiti non-oil exports increased by 63% year-on-year to KWD 207.7 million ($686.6 million) in 2018, according to a report released on Wednesday by the trade ministry.
Egypt topped Kuwait’s importers, accounting for 38.6% of the GCC country’s exports, or KWD 80.1 million.
