Kuwait's oil income well over budget estimates
AFP, September, 2004
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KUWAIT CITY (AFP) — Oil-rich Kuwait has earned some 11.5 billion dollars in oil income in the first five months of the current fiscal year, exceeding revenue estimates for the whole year, a report said.
Revenues in the state budget for fiscal year 2004/2005, which projects a deficit of 10.1 billion dollars, are estimated at 11.25 billion dollars. Expenditures are projected at 21.35 billion dollars.
Oil revenues, calculated at a conservative price of 15 dollars a barrel, are estimated at 9.3 billion dollars and non-oil revenues at 1.95 billion dollars in the fiscal year, which runs from April 1 to March 31, 2005.
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Al-Shall Economic Consultants, an independent think-tank, said the average price for Kuwaiti crude in the months between March and August was 34 dollars a barrel, 19 dollars over the budget price.
The average price of Kuwaiti oil ...
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