Much of the projected revenue rise is based on a more realistic average oil price forecast of $21 a barrel, compared to the conservative $15-a-barrel figure used in previous budgets. Oil income projections of $13,300 million mean that about 85 per cent of state revenue will come from the hydrocarbons sector.

Kuwait customarily projects budget deficits, but end-of-year balance sheets tell a different story, with the state instead posting large surpluses. With oil prices averaging over $30 a barrel, the government’s revenues for this year will likely reach $30,000 million.

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