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Kuwait’s Oil Revenues Likely to Top KD 27.8 Bln

Source: KUNA 3/3/2012, Location: Middle East

Kuwait's oil revenues may amount to KD 27.8 billion in the FY 2011-2012 if the production and price levels remain the same as in February, the eleventh month of the current fiscal year, an economic report forecasts.

The report, issued by the Economic Research Unit of Alshall Consultancy Co. here, noted that all time record high and an increase by KD 15.5 billion over the targeted revenues in the state budget (a Kuwaiti dinar equals about 3.59 US dollars). By the end of February, the Kuwaiti oil prices remained well above USD 100 per barrel. Average Kuwaiti oil price for February scored about USD 116.2 per barrel, the highest average for the current fiscal year.

According to published figures in the monthly follow-up report of the State's accounts for January 2012, Kuwait achieved actual oil revenues until the end of last January -10 months - an amount of about KD 22.8328 billion.

Kuwait is assumed to have achieved during February 2012 an amount of about KD 2.4 billion in oil revenues. As such, anticipated oil revenues will rise during the period -11 months- to about KD 25.2 billion, and perhaps more, if we take into account the sale of refined products. This figure is higher by 105 percent than the estimated oil revenues in the budget for the entire current fiscal year in the amount of KD 12.3071 billion.

Assuming production and prices would continue at the same present rate during the last month of the fiscal year, projected oil revenues for the entire current fiscal year would score about KD 27.8 billion, which is KD 15.5 billion higher than the estimated budget figure. Adding KD 1.5 billion in non-oil revenues, total budget revenues for the current fiscal year would score about KD 29.3 billion. Comparing this figure with expenditures allocations in the amount of KD 19.435 billion, the outcome will be achieving a hypothetical surplus by about KD 10-11 billion for the thirteenth fiscal year in a row.

Regarding the performance of Kuwait Stock Exchange (KSE) in February, Alshall report said it was mixed compared with January. All main indexes went up but value of the general index dropped. The general index, according to AlShall index, closed at 449 points, dropping by 0. 4 percent (1.8 points) vis-@-vis the preceding month when it closed at 450.8 points. AlShall index scored its highest reading during the month and scored 454.2 points on 19, 2012.

The lowest reading at 447.1 points was scored on Wednesday, February 15, 2012. Value of traded shares (in 18 working days) scored about KD 861.8 million (USD 3.1 billion), up by KD 252.3 million (41.4 percent), compared with KD 609. 5 million value in January 2012 and by 83.3 percent compared with the same month last year. The highest trading value scored in one day during the month was worth KD 76.3 million achieved on 21/02/2012 while the lowest value was scored on 01/02/2012 at KD 47.9 million, up by KD 21.4 million (80.7 percent) above January's average value at KD 26.5 million and up by 73.1 percent above February, 2011, according to the report.

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