Arab Today, arab today kuwait headed for record income
Last Updated : GMT 16:08:40
Arab Today, arab today
Arab Today, arab today

Kuwait headed for record income

Arab Today, arab today

Arab Today, arab today Kuwait headed for record income

Kuwait City - AFP

Kuwait was forecast on Tuesday to post record revenues and a budget surplus in the current 2011/2012 fiscal year on the back of high oil prices. The oil-rich Gulf state which amassed budget surpluses of more than $200 billion in the past 12 fiscal years is expected to post a record $41 billion in windfall this year, National Bank of Kuwait said in a report. OPEC's third largest producer is also expected to post record revenues of $106 billion provided prices for Kuwaiti oil remain above $100 a barrel, the bank said. It based the forecast on a price for Kuwaiti oil ranging between $104 and $112 a barrel for the whole year, around 35 percent higher than the average price last year of $82.5 a barrel. Since the start of the current fiscal year on April 1, the price of Kuwaiti oil has averaged around $109 a barrel, the bank said. Kuwait is producing between 2.6 million and 2.7 million barrels a day, well in excess of its OPEC quota of 2.2 million bpd, according to Oil Minister Mohammed al-Baseeri. In the past fiscal year ending March 31, Kuwait posted a budget surplus of $19.5 billion after revenues hit an all-time high of $79 billion on high oil price. Oil income makes up more than 93 percent of Kuwaiti revenues. The budget for the 2011/2012 fiscal year projects a deficit of $22 billion, on the basis of a conservative oil price of $60 a barrel. Although Kuwait foreign assets have increased to more than $300 billion, Emir Sheikh Sabah al-Ahmad Al-Sabah on Monday warned against the misuse of assets and formed a team to study measures to rectify the domestic economy. A sharp increase in spending, which has tripled in the past six years, has caused alarm that the emirate could face serious consequences if oil prices crash like in 2008. The Gulf state adopts a cradle-to-grave welfare policy where a majority of citizens are employed by the government, receive handsome salaries, pay no taxes and receive services at low charges or for free. Under Kuwaiti law, 10 percent of revenues are deducted every year to go into the emirate's sovereign wealth fund. Returns on the fund are not included in the budget.

arabstoday
arabstoday

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 kuwait headed for record income Arab Today, arab today kuwait headed for record income

 



Arab Today, arab today

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 kuwait headed for record income Arab Today, arab today kuwait headed for record income

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Girl barred from Malaysia chess competition

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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