Arab Today, arab today nbk forecast kuwait budget surplus at kuwaiti dinar 811bn
Last Updated : GMT 17:20:07
Arab Today, arab today
Arab Today, arab today

NBK forecast Kuwait budget surplus at Kuwaiti dinar 8-11bn

Arab Today, arab today

Arab Today, arab today NBK forecast Kuwait budget surplus at Kuwaiti dinar 8-11bn

Kuwait - KUNA

Surplus of Kuwait\'s state budget for the 2013-2014 fiscal years is projected to range between KD 8-11 billion provided oil prices remain within the range of USD 94-100 per barrel, according to a report released by the National Bank of Kuwait (NBK) on Saturday. The NBK report said although the closing accounts for FY2012/13 have not yet been released, \"we expect the budget to have recorded a massive surplus as oil prices averaged a record USD 107 pb for the fiscal year. \"If, as we expect, spending comes in at 10-20 percent below the government\'s forecast, then last year\'s budget surplus could end up between KD 12.8 billion and KD 15.0 billion before allocations to the Reserve Fund for Future Generations (RFFG).\" The projections for the current fiscal year 2013/14 are linked to our three scenarios, which yield oil prices within the narrow range of USD 94 to USD 100 pb. Preliminary budgeted spending for this fiscal year is set at KD 21.2 billion. Assuming that spending comes in at an improved 5-10 percent below budgeted expenditures, \"we project a surplus of between KD 8.1 billion and KD 11.2 billion before allocations to the RFFG. This would equate to 17 percent-23 percent of forecast 2013 GDP, and would represent Kuwait\'s 15th successive budget surplus.\" Elaborating, the NBK report said crude oil prices trended upwards in early July on higher seasonal demand. But fresh concerns over the global economy have added to expectations of weakening market fundamentals. \"Oil demand is expected to rise by a modest 0.8 mbpd in 2013, compared to 0. 9 mbpd last year. Given rising non-OPEC supplies, OPEC will need to cut production to prevent a large drop in prices. \"An oil price of between USD 94 and USD 100 pb in FY13/14 could generate a budget surplus for Kuwait of between KD 8 and 11 bn this fiscal year, following an estimated record surplus of KD 15 bn in FY12/13. Crude oil prices climbed higher in early July, after trading broadly flat through May and June. The price of Kuwait Export Crude (KEC) rose from a trough of USD 97 per barrel (pb) in late June to USD 103 by July 12th. Similarly, Brent crude prices climbed by some USD 9 to USD 109 - the highest level since early April. Both crudes are still some USD 11 off their February peaks. Meanwhile, West Texas Intermediate (WTI) - the main US benchmark blend - accelerated by some USD 12 to USD 106, exceeding the USD 100 mark for the first time since May of last year. In the process, the Brent-WTI spread narrowed to its lowest in two and a half years.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nbk forecast kuwait budget surplus at kuwaiti dinar 811bn Arab Today, arab today nbk forecast kuwait budget surplus at kuwaiti dinar 811bn

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday