By: Ahmed Awad
Kuwait – Mubasher: Kuwait's oil minister Essam Al Marzouq on Wednesday announced that his country has set its budget for the fiscal year 2017-2018 at $45 per barrel.
Speaking on the sidelines of the third Kuwait Oil & Gas Shows (KOGS) 2017 today, Al Marzouq noted that Kuwait's local oil consumption ranges between 300,000 to 350,000 barrels of oil per day (bopd), while projections show that this level will rise to 1 million bopd by 2035.
Kuwait previously estimated that revenues for its budget for FY 2016-2017 will reach KWD 7.4 billion, while its spending will reach KWD 18.99 billion.
The country's budget deficit for FY 2016-2017 hit KWD 12.2 billion after a KWD 700 million deduction of back up revenue.
Kuwait-based Al Shall Economic Consultants previously estimated the gulf country's budget deficit for FY 2016-2017 at around KWD 5 billion.
On Tuesday, Kuwaiti oil closed up 47 cents at $51.26 pb, compared to $50.79 pb on Monday, according to data released earlier on Wednesday by the Kuwait Petroleum Corporation (KPC).
Translated by: Nada Adel Sobhi
