By: Ahmad Awad
Kuwait-Mubasher: The price of Kuwait’s crude oil continued to plunge to $22.56 per barrel on Tuesday, approaching $20 per barrel.
The slash in prices comes from pressures of much weaker Brent crude oil which sagged to $30 a barrel, amid expectations of further drops.
The Kuwaiti oil losses widened as much as 78% or $81 per barrel since it reached $104 per barrel in 2014.
Oil revenues in Kuwait suffered $20 billion losses in the first nine months of the fiscal year 2015/2016, as Kuwait produced 3 million barrels per day; 3% of the global production.
Kuwait owns the seventh largest oil reserves in the world by 101.5 billion barrels, excluding five billion barrels in the joint oil fields with Saudi Arabia.
The Kuwaiti government expected the country to suffer KWD 8.18 billion deficit in its FY 2015/2016 budget, based on estimated oil price of $45 a barrel.
Standard Chartered Bank has previously projected that oil prices would plummet to $10 per barrel in the coming period.
