Kuwait oil export revenues slumped to their lowest level in more than a decade in 2020 as the key sector was battered by the global ramifications of the Covid-19 pandemic.

Oil export revenues tumbled by more than $22bn to $36.2bn (KD10.96bn) for 2020 according to the latest government figures, by far the lowest figure in more than 15 years (see chart). Despite the dramatic fall, oil still accounted for a massive 89.3% of total export revenues, as the government continues to fall short in efforts at economic diversification. (CONTINUED - 296 WORDS)