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Kuwait turns to budget deficit as oil income drops

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Kuwait’s oil production averaged 2.6 million barrels per day in 2023-24 and is forecast to fall to an average of 2.4 million bpd in 2024-25

Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said.

Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement.

The current year’s revenue is based on an oil price of $86.36 a barrel.



Kuwait’s oil production averaged 2.6 million barrels per day in 2023-24 and is forecast to fall to an average of 2.4 million bpd in 2024-25.

However, it will rise slowly through 2027-28 as Opec+ mandated production cuts are tapered in line with increasing global demand.

Expenditure rose 13 percent year on year to KD25.2 billion. A breakdown of expenses was not given.

This month finance minister Dr. Anwar Al-Mudhaf said that Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025.

The country recorded a deficit of KD33 billion over the last decade, with total deficits expected to reach KD26 billion in the coming four years.

The Gulf nation's fiscal year ends on March 31.

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