Kuwait – Mubasher: Oil prices continued its fast-paced decline for the third consecutive month, breaking the level of $45 per barrel, according to a weekly report by Al Shall Financial and Consulting Services on Sunday.
The report said that November saw the lowest price rates of Kuwaiti oil, as they reached $35.32 per barrel on 23 November, while the highest rate was around $42.49% on 4 November.
Average oil price of Kuwait was $38.2 per barrel in November, with a decline of 11.6% or $5 month-on-month, as it reached $43.2 per barrel in October 2015, and $73.8 per barrel in the same month last year.
Kuwaiti oil price rate hit about $81.3 per barrel the fiscal year ended March 2015, which means that the price in November was 53% less than that of last fiscal year, and about 48.2% less than that of the year earlier.
Kuwait’s oil revenues reached about KWD 8.783 billion by the end of October 2015, and are supposed to stand at KWD 1 billion in November, according to figures published by the Ministry of Finance last October.
Therefore, oil revenues are expected to increase during the eight months to around KWD 9.8 billion, equivalent to 91% of the estimated oil revenues for the entire fiscal year, which is KWD 10.7575 billion.
During the first seven months of the current fiscal year, Kuwait achieved KWD 640.2 million in non-oil revenues which will increase to KWD 732 million by the end of August. As such, total revenues projected during the period would be around KWD 10.5 billion.
Potential oil revenues for the entire current fiscal year is expected to reach KWD 14.6 billion, with KWD 3.8 billion more than the revenues estimated in the budget, in case both production and prices levels are to continue at present levels.
