Economy Oil revenues could trim Kuwait’s 2025 budget deficit By Nadim Kawach March 3, 2025, 11:29 AM Pexels/Tayssir Kadamany Kuwait City. Kuwait's budget largely depends on oil revenues so higher returns could reduce its deficit Kuwait’s budget deficit for the fiscal year to March 31 2025 may be as much as 40 percent smaller than projected because of higher-than-forecast oil revenue, a local consultancy has said. Kuwait based its 2024-25 budget on a price per barrel of $70 but prices have been above this level for most of the fiscal year, business advisory service AlShall Consulting Company said in a report. Assuming unchanged oil prices of $78.80 per barrel for March as in February, total oil revenue for the fiscal year could end the fiscal year KD2.03 ($6.69 billion) higher than forecast in the budget, or KD18.27 billion versus KD16.24 billion, AlShall said. Public wage bill cuts into infrastructure spend, Kuwait bank says Kuwait eases property laws around foreign ownership JPMorgan to remove Qatar and Kuwait from EM bond index Adding expected non-oil revenue of around KD2.68 billion, total revenue for the fiscal year could reach KD20.95 billion. Assuming that Kuwait sticks to forecast spending of KD24.55 billion for the fiscal year, the budget deficit could end the year at KD3.59 billion versus the projected shortfall of KD5.9 billion, AlShall said.
