Kuwait’s oil revenues surge 53% in H1-18/19

Kuwait’s oil revenues surge 53% in H1-18/19
Kuwait's fiscal year begins in April and ends on 31 March.

Mubasher: Kuwait's oil revenues hiked 52.7% year-on-year during the first half of fiscal year 2018/2019 ended September, registering KWD 7.73 billion ($32.12 billion) compared to KWD 6.37 billion ($21.03 billion), according to a recent report by the Kuwaiti finance ministry on Thursday.

Kuwait's fiscal year begins in April and ends on 31 March. 

These revenues accounted for 73.1% of the achieved amount of KWD 13.32 billion. The increase in oil returns supported by global oil prices.

The price of Kuwait’s crude oil fell by $0.15 to $82.11 per barrel (pb) on Wednesday, compared to $82.26 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

Non-oil revenues in Kuwait during the first six months of FY18/19 totaled KWD 601.89 million or 34% of the KWD 1.77 billion estimated in the budget.