Commodity Online

KUWAIT CITY: The oil rich tiny gulf state of Kuwait on Tuesday announced that its revenue collection has reached a staggering $63.6 billion until February this fiscal.

This is the highest revenues ever boasted by Kuwait, which sits on about 10 per cent of global crude reserves and pumps 2.5 million barrels per day, thanks to rocketing oil prices.

According to a statement by Kuwait s finance ministry, revenue for the period to the end of February compares with projected income for all of 07/08 of about $31 billion and is 18.2 per cent up on the same period of the previous fiscal year.

Oil revenues jumped 17.6 per cent to about $60 billion over the 11 months.

The figures reflect a sharp rise in the price of oil, which contributes around 94 per cent of total revenue in Kuwait, OPEC s fourth largest producer.

Kuwait has adopted a conservative price of $36 a barrel in calculating oil revenues but the price of Kuwaiti oil on Monday touched a record high of $98.85 a barrel.