Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kuwait's oil revenues in 5 months tohit KD11.3b
Published in The Saudi Gazette on 02 - 09 - 2012

KUWAIT – Kuwait is assumed to have achieved actual oil revenues during the first five months in the amount of about KD11.3 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 $100 per barrel level due to the political risks.
Average Kuwaiti oil price for most of August scored about $108.6 per barrel, with a noticeable rise by $10 over July average ($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 $104.7 per barrel, a $39.7 per barrel increase (61.1 percent) over the new hypothetical price for the current budget at $65 per barrel," the report said.
April's average price was the highest at $116.9 per barrel, thus Augusts' average price lower by $8.3 per barrel ($104.5 per barrel average price in August 2011). Last fiscal year 2011/2012 which ended on March 31, 2012 scored an average price of $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.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 KD27.1 billion for the entire current fiscal year, which is KD14.3 billion above the budget estimate.
Adding KD1.2 billion in non-oil revenues, total budget revenues for the current fiscal year would score about KD28.3 billion. With an expenditures allocations figure at KD22.7 billion, the resultant will be a hypothetical surplus by about KD5.6 billion, however, it will be higher when calculating the estimated budgeted expenses for the entire fiscal year 2012/2013. – SG/KUNA


Clic here to read the story from its source.