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Kuwaiti first half budget surplus may turn into deficit if crude remains weak.

Asia Africa Intelligence Wire

| January 01, 2002 | COPYRIGHT 2002 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

According to the latest economic brief published by National Bank of Kuwait, the surplus posted by the Kuwaiti budget in the first six-month period of the fiscal year 2001/2002 will turn into a small deficit if Kuwait crude remains between $15 - $17 in the next three months.

According to the NBK report, by the close of FY01/02 the surplus indicated in the interim figures is likely to vanish. Weaker oil prices and reduced crude oil output have already negatively impacted revenues during the first half of FY01/02.

Sharper declines since October are ...

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