Kuwait budget surplus to top $50bn in 2012-13

An oil price of between $101 and $118 per barrel in 2013-14 could generate a budget surplus for Kuwait of up to KD16 billion ($56 billion) next fiscal year, following a surplus of KD14 billion ($50.4 billion) in 2012-13, a report said.

Crude oil prices continued to rally in the first half of February on increased optimism over the global economic outlook, but these gains were subsequently reversed, helped by a stronger US dollar, added the latest Kuwait Economic Brief released by the National Bank of Kuwait (NBK).

Forecasts for oil demand growth in 2013 have edged higher as a result of better-than-expected 2012 data. Still, Opec may need to cut production further to prevent prices from falling, the report said.

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