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Kuwait’s oil revenues forecast at KWD14.6 billion

Oil prices broke the $45 per barrel level for the third consecutive month

Alshall weekly economic report says that by the end of November 2015 – the eighth month of the current fiscal year 2015/2016 – ended, oil prices continued their fall at a quicker pace.

According to the report, oil prices broke the $45 per barrel level for the third consecutive month, reports Kuwait-based Alqabas newspaper.

On November 23, the price for Kuwaiti oil registered the lowest average and stood at $35.32 per barrel, while November 4 registered the highest price, which was $42.49 per barrel.

The average oil price in November was $38.2 per barrel; down by $5 per barrel or 11.6 per cent from the October average of $43.2 per barrel, adds the report.

The report, quoting figures published in the state’s financial accounts monthly follow up report for October 2015, issued by the Ministry of Finance, says that Kuwait’s oil revenues amounted to KWD8.783 billion by the end of October, the seventh month of the fiscal year.

The Gulf state’s oil revenues are supposed to have reached KWD1bn in November; therefore, oil revenues are expected to rise during the eight months to roughly KWD9.8bn, says the report.

Alshall says, “Assuming that both production and price levels are to remain at present levels, then the calculated oil revenues for the entire current fiscal year would be nearly KWD14.6bn.”

(KWD1 = AED12.10, $1 = AED3.67, at the time of publishing)