Kuwaiti oil prices during the period from last April to July of the current fiscal year amounted to about USD 20.27 billion, equivalent to KD 6.09 billion, It constitutes about 66.7 percent of the total estimated oil revenues for the entire fiscal year, amounting to KD 9.127 billion, Al-Rai reported.
Last April, the average price of a barrel of Kuwaiti oil reached approximately USD 63.9, meaning that oil revenues for the entire month amounted to about USD 4.648 billion (KD 1.4 billion), assuming the amount of production estimated in the fiscal year 2021/22 budget of 2.425 million barrels per day.
In May, the average price of a Kuwaiti barrel increased to USD 67.7, which means oil revenues for the month amounted to about USD 4.925 billion (KD 1.48 billion), assuming that the quantity of production remains at the budgeted level, while the average price of a barrel rose to approximately USD 72.9 in June. Last month, oil revenues during the month, assuming stable production, reached USD 5.3 billion (KD 1.59 billion).
Last July, the average price of a barrel of Kuwaiti oil was about USD 74.2, meaning that oil revenues for the entire month amounted to about USD 5.4 billion ( KD 1.62 billion).
It is worth noting that the price of a barrel was estimated in the 2021/22 budget at USD 45, while the breakeven price is USD 90 a barrel.