KUWAIT CITY - Kuwait's provisional budget surplus in the first eight months of the fiscal year doubled to 11.6 billion dinars ($41.8 billion) on high oil price and output, the finance ministry said on Tuesday.
Revenues until the end of November rose a massive 41.6 per cent to 18.7 billion dinars ($67.3 billion) from $47.5 billion in the year-earlier period, according to data on the ministry website.
The revenues are 39.2 per cent higher than full-year estimates of $48.4 billion. Kuwait has calculated oil income at a conservative price of $60 a barrel while the average price of Kuwaiti crude was above $105 in the eight-month period.
The budget also assumed oil production of 2.2 million barrels per day in accordance with previous OPEC quota, but Kuwait has been producing 3.0 million bpd for the past few months.
Source: http://c.moreover.com/click/here.pl?r5696942383
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