LOC16:39
13:39 GMT
KUWAIT, Dec 6 (KUNA) -- Kuwait's oil returns are forecast to drop to KD 19.
9 billion if the prices of the crude remain at the level of USD 40 per barrel,
Al-Shal consultancy said in a report released on Saturday.
Total income will also fall to KD 20.9 billion, with a possible surplus of
KD two billion.
The report noted that the price of the Kuwaiti crude posted the lowest fall
since start of the fiscal year, USD 39.83 pb, in the Friday trading.
Eight months have passed of the 2008-2009 fiscal year.
Average price of the national crude, throughout November, stood at USD 47.1
pb, dropping USD 69.1 pb, with a fall of USD 82.3 pb, some 62.8 percent,
compared to the USD 130.2 pb, posted last July.
The average price of the Kuwaiti crude, in the first eight months of the
fiscal year, stood at USD 98.6 pb, higher by USD 48.6 pb, some 97.2 percent of
the projeced crude price, as set in the current state budget, amounting USD 50
pb, and higher by USD 29 pb, 42.9 percent of the price in the first eight
months of the previous fiscal year.
According to figures of the ministry of finance, Kuwait posted KD 15.656
billion in oil income till last October. According to projections, the income
for November should amount to KD 1.4 billion.
Accordingly, the oil income should amount to KD 17.1 billion for the eight
months, and probably higher.
Based on the assumption that the current oil production and price remained
at the current level, the value of the proejcted income for the whole fiscal
year will amount to KD 24.4 billion, higher by KD 12.75 billion compared to
the budget projections.
By adding the non-oil income, of KD 1.26 billion, the overall projected
returns for the fiscal year will amount to KD 25.43 billion, in contrast to
record expenditures of KD 18.966 billion -- with a forecast surplus in the
budget of KD 6.46 billion. (end)
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KUNA 061639 Dec 08NNNN