If oil prices remained rising, Kuwait's oil income for 2006-2007 fiscal year would reach about 55. 76 billion U.S. dollars, almost double the official prediction, Kuwait News Agency (KUNA) reported Friday.

The Kuwait-based Al-Shal consultants and investments company expected the doubled oil income in its monthly report, KUNA said.

According to the Al-Shal report, the emirate's oil income in the first four months of current fiscal year, which began on April 1, estimated at 4.81 billion Kuwaiti dinars (16.4 billion dollars).

One-third of the fiscal year has ended and oil prices is still at record highs, with a barrel of Kuwaiti crude oil averaging some 66.8 dollars per barrel (dpb) in July, increasing by 3.9 dollars against the month before.

The Al-Shal report found that Kuwaiti oil prices continued upward trend in the second week of July to 66.5 dpb and kept leaping to around 68.1 dpb in the third week.

"No doubts the 'vicious' war against Lebanon triggered oil prices to climb for most of the period of July," said the report.

Price of Kuwaiti oil averaged 64 dpb in the first four months of this year, over 30.9 percent high than the same period last year.

Kuwaiti oil averaged 52.1 dpb in 2005-2006 fiscal year.

Kuwait's official production quota within the Organization of Petroleum Exporting Countries (OPEC) is 2.247 million barrels per day, with a average price of 64 dpb.

But actual production of Kuwait was around 2.55 million bpd, thus making more profits resulting from oil sales, KUNA said.

Source: Xinhua