Kuwait Had $32 Billion Budget Surplus in 1st Half, Al-Shall Says - Bloomberg

Kuwait had a preliminary budget surplus of 8.87 billion dinars ($32.2 billion) in the first half of the fiscal year ending March 31, 2012, Al-Shall Economic Consultants reported today, citing Finance Ministry data.

Income was 13.93 billion dinars, including oil revenue of 13.29 billion dinars, while spending was 5.06 billion dinars, Al-Shall said in a weekly report.

By law, 10 percent of revenue is saved in the Reserve Fund for Future Generations. The budget is based on an oil price of $60 a barrel, up from $43 in the last fiscal year. West Texas Intermediate is currently trading at about $87 a barrel.

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