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Kuwait may post $34bn budget surplus

Kuwait City, October 25, 2009

Opec member Kuwait is expected to post a budget surplus of 9.75 billion dinars ($34.14 billion) in its 2009/10 fiscal year if oil prices remain at current levels, a newspaper reported on Sunday.

The world's fourth-largest oil exporter is expected to post about 5.5 billion dinars for the next five months of the fiscal 2009/10 that ends in March, daily newspaper Awan said, citing sources in Kuwait's Ministry of Finance.

Current oil prices at around $80 a barrel, the paper said,  will drive up the surplus of the Gulf state, which has assumed its crude, the main revenue earner, would fetch $35 a barrel in its 2009/10 budget.

Kuwait has logged a budget surplus of 4.25 billion dinars in the first five months of its 2009/10 fiscal year on higher than forecast oil revenue, official data showed earlier this month.

Kuwait posted a budget surplus of 2.74 billion dinars in its 2008/09 fiscal year, on higher oil revenues, as the state assumed its crude would fetch $50 in the year ended March 2009. - Reuters




Tags: Oil | Kuwait | Budget | surplus |

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