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Kuwait expects oil incomes doubled if prices remaining high
[August 04, 2006]

Kuwait expects oil incomes doubled if prices remaining high


(Comtex Energy Via Thomson Dialog NewsEdge) KUWAIT CITY, Aug 4, 2006 (Xinhua via COMTEX) -- 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.

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