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Sun 25 Oct 2009 11:42 AM

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Kuwait set to post $34.14bn budget surplus

Oil exporter expected to post surplus in this fiscal year if oil prices remain at current levels.

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)