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Kuwait is considering rescheduling some of the key projects in its 2015-19 development plan in response to continued fall in oil prices.
Though Brent rebounded strongly as MEES went to press it remains comfortably below $50/B, implying a 49% fall from 2014’s $98bn to $50bn in Kuwait’s oil export revenues if prices remain at similar levels for the remainder of 2015 (see p10). In addition to the slide in prices, the shut-in of 500,000 b/d of shared Saudi/Kuwaiti Neutral Zone output has further hit the country’s revenue (MEES, 7 August).
Something has to give. And according to “ministerial sources” quoted in Kuwait daily Al-Anba on 22 August, that something may be some of the key projects that form part of the country’s KD34.2bn ($114bn at the current KD1=$3.33) 2015-19 development plan. (CONTINUED - 1162 WORDS)