Kuwait slashed its deficit to KD3.35bn ($11.0bn) for the 2018-19 fiscal year that ended 31 March, down 31% from the previous year’s $16.0bn thanks to a 25% rise in average annual oil prices. Kuwait Export Blend crude averaged $68.6/B over the year to March 2019, up almost $14/B from the 2017-18 average of $54.7/B. As a result, oil revenues rose 29% to $60.8bn. Oil revenues were some 38% higher than the budgeted $44bn figure which was based on a conservative $50/B oil price assumption (see table).
The overall 2018-19 deficit, even after allocation of the mandatory 10% of total revenue to the Reserve Fund for Future Generations (RFFG), is a chunky 58% lower than the $26.1bn budget figure. (CONTINUED - 835 WORDS)