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Kuwait has seen its crude export revenue fall by more than 60% since Saudi Arabia last October unilaterally halted output from the two countries’ 500,000 b/d Partitioned Neutral Zone (PNZ).
Kuwait pocketed just $2.6bn for crude exports in September, a mere 39% of mid-2014 monthly takings and the lowest such figure since 2009. Kuwait’s monthly crude export revenues peaked at $6.9bn for 2012 and averaged $6.3bn as recently as the first half of 2014, MEES calculations indicate.
Of course the collapse in oil prices in the second half of 2014 is responsible for the lion’s share of this collapse. But the loss to Kuwait of its 250,000 b/d share of PNZ output has also played a part.
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