Kuwait was forecast on Tuesday to post record revenues and a budget surplus in the current 2011/2012 fiscal year on the back of high oil prices. The oil-rich Gulf state which amassed budget surpluses of more than $200 billion in the past 12 fiscal years is expected to post a record $41 billion in windfall this year, National Bank of Kuwait said in a report.
Opec's third largest producer is also expected to post record revenues of $106 billion provided prices for Kuwaiti oil remain above $100 a barrel, the bank said. It based the forecast on a price for Kuwaiti oil ranging between $104 and $112 a barrel for the whole year, around 35 percent higher than the average price last year of $82.5 a barrel.
Since the start of the current fiscal year on April 1, the price of Kuwaiti oil has averaged around $109 a barrel, the bank said. Kuwait is producing between 2.6 million and 2.7 million barrels a day, well in excess of its Opec quota of 2.2 million bpd, according to Oil Minister Mohammed al-Baseeri.
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