Kuwait – Mubasher: Kuwait’s budget deficit is projected to stand around KWD 5 billion in the fiscal year 2016/2017, according to Kuwait-based Al Shall Economic Consultants.

The average price of Kuwaiti crude oil fell 10.8% or $5 per barrel (pb) month-on-month to reach around $41.5 pb in November 2016, up 18.6% or 6.5 pb from the estimated budget price at $35 pb.

The average price of Kuwaiti oil stood at $41.7 pb in the first eight months of 2016, 16.4% lower than the average price of $49.9 pb recorded in the prior-year period.

Kuwait’s oil revenues are estimated at KWD 1 billion in November 2016, he said, adding that revenues are expected to reach KWD 12.3 billion this year if the levels of production and prices remain unchanged.

Total revenues are expected to reach KWD 13.9 billion in the current fiscal year.