OPEC member Kuwait was forecast Sunday to post its largest revenues and budget surplus ever this current fiscal year on the back of high oil prices and production, a local economic report said.
Revenues of the oil-rich Gulf state in the 2011/2012 fiscal year, which ends March 31, are expected to top $100 billion for the first time, ending between $101 billion and $104 billion, the National Bank of Kuwait (NBK) said.
Oil income is forecast to contribute around 95 percent of the revenues, according to NBK which said the average price for Kuwaiti oil will be about $109 a barrel way above the budget price of $60 a barrel.
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