Oil Government’s Revenues Jumped By 57%

According to the Kuwaiti news agency (February 8, 2006), a recently publicized report by the National Bank of Kuwait shows that the government’s oil revenues totaled KD 8.7 billion ($32.24 billion) in the first eight months of fiscal year 2005/2006, an increase of 57% compared with the same period last year. The report attributed this rise to higher oil prices and production. A 46 percent increase in the price of Kuwait export crude (KEC) and a 7 percent increase in crude oil output compared to the same period last year.