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Kuwait's oil exports jumped to KD31.6bn last year
- Kuwait: Sunday, May 12 - 2013 at 07:26
According to a report by the National Bank of Kuwait (NBK), the value of oil exports by the Gulf country reached a new record high of KD31.6bn in 2012, Kuna has reported. "This was driven by a 12% year-on-year increase in oil production, as well as a 3% year-on-year rise in Kuwait Export Crude (KEC) prices to $109 per barrel," the report said. ""Oil export receipts exceeded KD8bn in Q1 '12, the highest level in any single quarter, but eased back in following months in line with oil price movements; by December, the price of KEC receded by some $16 per barrel from its peak in March," NBK said.
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