Kuwait's oil earnings top $8 billion in five months
Kuwait's oil revenues in the first five months of the 2000-2001 fiscal year have reached $8.29 billion, 32 percent more than estimates for the entire nine-month year, a think-tank said Saturday.
The independent Al-Shall Economic Consultants said the average price for Kuwaiti oil between July and November was $27.75 a barrel, more than twice the $13 adopted in the budget to calculate oil revenues.
Kuwait's OPEC production quota was 2.037 million barrels per day (bpd) in July to September, 2.101 million in October and was raised to 2.141 million in November.
The emirate's current fiscal year, which started on July 1 and ends on March 31, 2001, was reduced to nine months after parliament decided to bring forward the fiscal year to the start of April from next year.
Oil revenues are projected at $6.27 billion on the basis of a production quota of just 1.98 million bpd and the conservative $13 a barrel price.
The budget is projecting a deficit of $5 billion, but Al-Shall predicts that the emirate would boast the largest surplus in two decades if oil prices remain strong.
In the 1999-2000 fiscal year that ended June 30, Kuwait boasted a gross surplus of 4 billion dollars, its biggest since 1979.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)