Kuwait oil revenues expected to reach 56.37 bln USD in 2006

Kuwaiti oil revenues in 2006 are expected to reach 56.37 billion U.S. dollars which are 30.06 billion dollars more than the anticipation, a report said on Friday.

The report by Kuwait-based Al-Shal Consultants said that the soaring price of Kuwaiti oil help bring more revenues.

Kuwait's oil revenue reached 20.7 billion dollars during the first five months of the current financial year which began from April 1, 2006. During the period, the average price for Kuwaiti oil reached 64 dollars per barrel.

However, the forecast price for Kuwaiti oil in the current budget is 36 dollars per barrel.

The Kuwaiti oil prices, which had been 62.6, 63.6 and 62.9 dollars per barrel respectively for June, May and April, soared to 66.6 dollars per barrel in July due mostly to regional tension.

In the previous financial year, which ended in March 2006, the average Kuwaiti oil prices was 52.1 dollars per barrel.

As a member of the Organization of Petroleum Exporting Countries (OPEC), Kuwait boasted proven oil reserves of about 101. 5 billion barrels.

Source: Xinhua