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Kuwait''s oil revenues in first five months to hit KD 11.3 billion - report

KUWAIT, Sept 1 (KUNA) -- Kuwait is assumed to have achieved actual oil revenues during the first five months in the amount of about KD 11.3 billion, said a report by Al-Shall Economic Consultants Saturday.
The report said that by the end of August 2012, the fifth month of the current fiscal year 2012/2013 has passed and Kuwaiti oil prices are still consolidated and have revived their rise above the USD 100 per barrel level due to the political risks.
Average Kuwaiti oil price for most of August scored about USD 108.6 per barrel, with a noticeable rise by USD 10 over July average (USD 98.6 per barrel).
"As such, the average price of the Kuwaiti barrel of oil for the first five months of the current fiscal year scored about USD 104.7 per barrel, a USD 39.
7 per barrel increase (61.1 percent) over the new hypothetical price for the current budget at USD 65 per barrel," reads the report.
April's average price was the highest at USD 116.9 per barrel, thus Augusts' average price lower by USD 8.3 per barrel (USD 104.5 per barrel average price in August 2011). Last fiscal year 2011/2012 which ended on 31/03/2012 scored an average price of USD 109.9 per barrel for the Kuwaiti oil.
"Kuwait is assumed to have achieved actual oil revenues during the first five months in the amount of about KD 11.3 billion (We lowered our expectation calculated based on exporting 2.7 million barrels of crude oil per day, until the issuance of the monthly financial reports of the State from the Ministry of Finance)," the report added.
Assuming production levels and prices would continue at their present level, an assumption which is unrealistic on the price side, probable oil revenues would score about KD 27.1 billion for the entire current fiscal year, which is KD 14.3 billion above the budget estimate.
Adding KD 1.2 billion in non-oil revenues, total budget revenues for the current fiscal year would score about KD 28.3 billion. With an expenditures allocations figure at KD 22.7 billion, the resultant will be a hypothetical surplus by about KD 5.6 billion, however, it will be higher when calculating the estimated budgeted expenses for the entire fiscal year 2012/2013.
asj.ibi KUNA 011523 Sep 12NNNN