Price of Kuwaiti oil remains above 100 pb

By the end of October 2011, seven months of the current fiscal year 2011/2012 have passed with Kuwaiti oil prices sustaining their levels, above the USD 100 per barrel level, except for the first week of October when the price crossed the USD 100 pb limit, according to a report released by Shal consultancy on Saturday. Average Kuwaiti oil price for October scored about USD 103.7 pb, with a very slight rise by about USD 0.1 pb above September's average price of USD 103.6 pb. As such, average Kuwaiti oil price for the first seven months of the current fiscal year scored about USD 107.1 pb, an increase by about USD 47.1 pb (78.5 percent) over the new budget hypothetical price at USD 60 pb. April's average price was the highest so far at about USD 115.6 pb. This makes October average price lower by about USD 11.9 pb. October 2010 average price of the previous fiscal year 2010/2011 scored about US 77.1 pb. The average price of Kuwaiti oil of the previous fiscal year 2010/2011 was about USD 81.9 pb. According to published figures in the monthly follow up report of the State's accounts for September 2011, Kuwait achieved, during the first half of the current fiscal year, an amount of about KD 13.2948 billion worth of actual oil revenues. It is expected that oil revenues, during the first seven months of the current fiscal year, would reach about KD 15.5 billion. Assuming production and prices would continue at the current levels, which is unrealistic on the price side at least, projected oil revenues for the entire fiscal year would score about KD 26.6 billion, which is about KD 14.3 billion higher than the budget estimated amount. By adding about KD 1.1 billion in non-oil revenues, total budget revenues for the fiscal year would score about KD 27.7 billion. By comparing this number to expenditures allocation of about KD 19.435 billion, the resultant will be achieving a hypothetical surplus of about KD 8. 3 billion for the entire fiscal year 2011/2012. (end) mke.ysa.rk KUNA 051304 Nov 11NNNN