Positive indicators still dominate the performance of the state’s general budget despite the decline in oil prices from more than $120 per barrel to the level of $92 per barrel. It is 37.5% more than the break-even price in the 2022/2023 budget
According to statistics prepared by a local Arabic daily based on the announced oil prices since the beginning of the current fiscal year, the average value of the increase in the price of each barrel of oil sold since the beginning of the current fiscal year is estimated at about $29.6 per barrel, which means that every barrel of oil sold added a surplus in the budget the same value.
The statistics revealed that the total oil revenues achieved by Kuwait during the period from last April to this October amounted to about 19.4 billion dinars, while the average volume of state expenditures during the same period was about 13.65 billion dinars, which means that Kuwait achieved a budget surplus during the first 7 months.
From the year, it is estimated at 5.75 billion dinars, based on the volume of total state expenditures estimated at 23.1 billion dinars for the whole year, and the average volume of oil production is 2.8 million barrels per day, with an average price of a dollar at 304 fils.
According to a simple calculation, and according to what was announced by the Parliamentary Finance Committee in the previous National Assembly, the increase in the price of a barrel of Kuwaiti oil above the equivalent price in dollars achieved budget savings estimated at 333 million dinars, which is the same as the size of the estimated savings in the draft general budget for the current fiscal year at an estimated price