Kuwait's budget for the next fiscal year projects record spending, record revenues, and a record deficit of U.S.$18.8 billion, reports Dow Jones. Kuwait's budget includes oil revenues estimated at more than $42 billion, which are 56% more than what was projected for the current fiscal year.

Kuwait, a member of OPEC, produces some 2.5 million bbl/d, a rate reports indicate will be maintained throughout the year.

Kuwait owns about 10% of the world's oil reserves, which equates to 96.5 billion barrels.

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