Official data revealed that Kuwait’s oil revenues fell last year by about 42.5 percent compared to its revenues recorded 10 years ago, indicating that in 2010 these revenues amounted to about KD19.3 billion, while it approached KD11.08 billion in 2020, Al Rai daily reported.
According to the data between 2010 to 2020, it is noted that Kuwait was producing about 2,312 million barrels of oil per day in 2010, and the average price per barrel in that year was $76.27, but oil revenues fell last year in quantity and price, as production reached 2,439 million per day, at an average daily price of about $41.51 a barrel, and by calculating the decline in value, the percentage of decline in revenues from the beginning of the 10 years until their end is about 42.5 percent.
With a historical survey, it is clear that the highest average annual price per barrel recorded by Kuwait was in 2012, when it reached $106.1 dollars, achieving an increase of $4.65 dollars, compared to 2011, in which the price of a barrel of oil recorded the second highest average price per barrel by 105.78 dollars.
On the other hand, it can be seen that the highest rate of decline in oil prices and Kuwait’s revenues compared to the previous year was in 2015, where the average annual price of oil during this year was $47.8, down $47.4, compared to the value recorded in 2014, with a rate of 49.79 percent.
The lowest average value recorded by the price of a barrel of oil during the 10 years was in 2016, as the average annual price per barrel for this year was $39.44, down $8.36 compared to 2015, and by 17.49% in terms of the rate of decline.
As for the average monthly price of Kuwaiti oil from 2016 until last year, January 2016 recorded the lowest price per barrel, reaching $23.3, while the highest average was in January 2020 after the average price for this month recorded $64.4. It can also be noted that prices recorded price jumps. For January 2017 an average of $ 50.89, and in January 2018 the price reached $65.75, while it recorded a decline in 2019 to $ 58.42, so the price rose again in January 2020 to $ 64.4.
In 2016, the trend of oil prices was up from one month to another, except for the month of October, which recorded a decline, as the year started with an average price of $ 23.3 in January and closed in December at $50.1, which represents a growth between the two months of approximately 115 percent, unlike 2020, which began to rise and closed On a decline after the average price of a barrel at the end of last year reached $49.38.
When comparing the monthly average price of oil in February 2016 and February 2021 as the last month with its data announced, it becomes clear that the average rose from $26.3 dollars to $61.09 dollars, which constitutes an increase of approximately 132 percent.
Perhaps the most years in which Kuwait produced oil was in 2016, when the average annual amount of production for this year exceeded 2,954 million barrels per day, while the year 2020 recorded the lowest average annual amount of production at a rate of more than 2,439 million barrels per day, with a decrease of 8.9 percent compared to In 2019, when Kuwait’s average oil production amounted to more than 2.677 million barrels, equivalent to 238.41 thousand barrels per day, a decline.
Rate of change
In terms of the average quarterly oil price of the Kuwaiti Ministry of Oil, it appears that the highest recorded price was in the first quarter of 2012, at $114.57 per barrel, so that the designation of this year is the year of the boom in terms of value, while Kuwait recorded the lowest average seasonal price of oil in the second quarter of 2020, as it reached the average price per barrel for this period is $26.31.
In terms of the average annual quantity of exported crude oil from 2011 to 2020, Kuwait recorded in 2012 the highest amount of production with an average of more than 2,977 million barrels, a difference of 318,492 barrels, an increase compared to 2011, where the rate of change was up in 2012 about 11.98 percent, while in 2020 the average was The annual amount of production for this year is 2.439 million barrels, down from 58.337 thousand barrels per day compared to 2019 production, which averaged more than 2.677 million barrels per day.
As for the lowest average quantities of oil exported from Kuwait, it was in the first quarter of 2009, when the quantities at the time were about 1.341 barrels per day, while Kuwait recorded the highest amount of oil exported quarterly in the first quarter of 2016, producing 2.192 million barrels per day.