Kuwait’s oil price must reach $91 per barrel in next year’s budget

Kuwait’s oil price must reach $91 per barrel in next year’s budget

This is the base figure in our budget of KD 25 billion for next year from April 1, which is lower than the current budget by KD 2 billion, to avoid a deficit, which is currently estimated to be KD 6 billion or $18 billion. It is worth highlighting that the government announced its equilibrium …

<p>The post Kuwait’s oil price must reach $91 per barrel in next year’s budget first appeared on ARAB TIMES - KUWAIT NEWS.</p>This is the base figure in our budget of KD 25 billion for next year from April 1, which is lower than the current budget by KD 2 billion, to avoid a deficit, which is currently estimated to be KD 6 billion or $18 billion. It is worth highlighting that the government announced its equilibrium price for the first year to balance the budget, as our budget is based on a crude oil price of $70 per barrel, which is a conservative figure. However, it is unlikely that the oil price will reach such a level; it will remain at around $75 to $80 per barrel. It will be an achievement if our government manages to reduce its expenses but it is worth trying.