OPEC member Kuwait is expected to post a budget surplus of KD9.75bn ($34.14bn) in its 2009/10 fiscal year if oil prices remain at current levels, a newspaper reported on Sunday.
The world's fourth-largest oil exporter is expected to post about KD5.5bn for the next five months of the fiscal 2009/10 that ends in March, daily newspaper Awan said, citing sources in Kuwait's Ministry of Finance.
Current oil prices at around $80 a barrel, the paper said, will drive up the surplus of the Gulf Arab state, which has assumed its crude, the main revenue earner, would fetch $35 a barrel in its 2009/10 budget.
Kuwait has logged a budget surplus of KD4.25bn in the first five months of its 2009/10 fiscal year on higher than forecast oil revenue, official data showed earlier this month.
Kuwait posted a budget surplus of KD2.74bn in its 2008/09 fiscal year, on higher oil revenues, as the state assumed its crude would fetch $50 in the year ended March 2009. (Reuters)For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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