KUWAIT, July 13 (KUNA) -- An anticipated study on the current financial status in Kuwait showed that gross revenues for the 2011-12 fiscal year to reach KD 28 billion , with oil revenues share taking up KD 27.2 billion, a 95 percent from the total general budget.
The study -- which is published by the Department of Research Studies of Kuwait Asset Management, Projects and Investment Company (KAMCO) -- said that its findings (based on oil prices and the general budget of the country approved by the National Assembly) expects the average oil prices would be USD 109.07 per barrel (pb) during this fiscal year which ends in March 2013.
The study also noted that oil prices will remain solid due to the increase in oil demand, adding that such increase will be as result of the expected global economic growth, a 3.9 percent in 2011, which is also effected by Middle East and Northern African developments and rapid changes. - Kuna