Kuwait’s fiscal year ends with oil revenues surpassing expectations

Kuwait’s fiscal year ends with oil revenues surpassing expectations

KUWAIT CITY, April 7: Al-Shall’s weekly report disclosed that with the conclusion of the 2023/2024 fiscal year, expenditure allocations in the budget reached approximately 26.32 billion dinars, while total revenues were estimated at around 19.46 billion dinars. Notably, oil and gas revenues accounted for roughly 88.2% of total revenues, totaling approximately 17.16 billion dinars, reports …KUWAIT CITY, April 7: Al-Shall’s weekly report disclosed that with the conclusion of the 2023/2024 fiscal year, expenditure allocations in the budget reached approximately 26.32 billion dinars, while total revenues were estimated at around 19.46 billion dinars. Notably, oil and gas revenues accounted for roughly 88.2% of total revenues, totaling approximately 17.16 billion dinars, reports Al-Qabas daily. The report emphasized the significance of actual results in the final account, which is typically delayed. It highlighted that the average price of a barrel of Kuwaiti oil for March 2024 was approximately $84.4, exceeding the budgeted price of $70 per barrel by $14.4, or about 20.6%.

However, this average price was approximately 13.1% lower than the previous fiscal year’s average of $97.1 per barrel. This decrease was attributed to Kuwait’s reduced oil production per the “OPEC+” agreements, stabilizing at 2.41 million barrels per day as of January