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Kuwait oil prices to reach around $60 pb in 2nd half

Business Kuwait City 28 Jan 21
Kuwait oil prices to reach around $60 pb in 2nd half
Kuwait oil prices to increase to $60 per barrel (pb) in second half of this year, according to an oil expert.
Fee
Event Location
Kuwait , Kuwait
Area
Kuwait City
Start Time
28 January 2021, 12:00 AM
End Time
31 January 2021, 12:00 AM
Website

An oil expert yesterday anticipated Kuwait oil prices to increase to $60 per barrel (pb) in second half of this year.

Mohammad Al-Shatti, addressing a virtual seminar about horizons of global economy and crude oil prices for 2021 organized by Kuwait’s Oil Ministry, said return of normal aviation operations would also help improve prices. He said prices between $70-80 pb were “relatively desirable” for the Arabian Gulf countries and achieve some balances in their budgets.

Improvement of oil prices would primarily benefit the budgets of Arab Gulf countries which largely depend on oil as a major source of income. He therefore called for diversification of income and execution of immediate reforms because oil prices were affected by global political and health conditions.

Shatti anticipated global economy to recover by over four percent in the second half of 2021, triggered by availability of COVID-19 vaccines.

Meanwhile, Kuwait on Jan. 25 unveiled a budget for its coming fiscal year with a breakeven crude price of $90/b and significant deficit spending, with higher expenditures eating up a significant portion of its projected increases in revenues.

The budget, released by the finance ministry, expects crude production to average 2.4 million b/d for the year starting April 1, earning an average of $45/b. That compares to 2.5 million b/d at $30/b in the 2020-21 fiscal year.

kuwait oil prices 2021Kuwait oil prices increase 2nd half



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