Kuwait's Oil Revenues for Next FY Jump 56% to More than $42 Billion

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.

We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .