Kuwait’s budget spending will rise 3.2% y/y to KUD 21.8bn (USD 77.4bn) in the new fiscal year 2014/15, starting April, daily Al-Qabas reported on Jan 24. The draft budget forecasts a 11.1% y/y hike in revenue to KUD 20.1bn assuming an oil price of USD 75 per barrel, up from USD 70 in the previous fiscal year.
The draft budget, thus, envisages a KUD 1.7bn preliminary deficit. Kuwait has recorded large budget surplus over the past twelve years given the conservative oil price assumed annually when preparing the state budget.
Oil production will reach 2.7mn bpd, according to the draft budget. Oil income is projected to total KUD 18.8bn in the FY 2014/15 (94% of total budget proceeds). Non-oil revenue will reach KUD 1.26bn.
Current spending will account for 87% of total spending mainly on salaries, subsidies and social services.
Related Articles
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four offshore blocks in the Red Sea, according to Al Youm Al Sabea, ... more
BP expands gas output in Egypt’s West Nile Delta with new well start-up
British energy major BP (LSE, NYSE:BP) has started up the RW5 gas well in Egypt’s West Nile Delta (WND) project, adding around 80mn cubic feet per day of additional supply, Al Mal reported on ... more
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more