Surplus after another: Kuwait H1 income surges 40 percent

KUWAIT CITY - Revenues of OPEC member Kuwait surged 40 percent in the first six months of the fiscal year due to higher oil prices and output, posting a huge surplus, according to official figures released on Thursday.
Income between April and September hit $50.8 billion compared to $36.3 billion in the same period last fiscal year, according to figures posted on the ministry of finance website.
Revenues in the first half of the current 2011/2012 fiscal year surpassed income forecast in the budget for the whole year of $49.1 billion, the figures showed.
The surge is mainly attributed to a sharp increase in oil revenues due to a hike in its price and output.
Oil income in the six months rose 42 percent to $48.5 billion compared to $34.2 billion in the first half of 2010/2011 fiscal year, and was above oil revenues projected for the whole year at $44.9 billion.
Kuwait's fiscal year runs between April 1 and March 31.
The emirate calculated oil income in the budget at a conservative price of $60 a barrel while actual prices during the past six months was above $100.
The budget also assumed a daily production of 2.2 million barrels per day in accordance with OPEC quota but Kuwait has been producing 2.9 million bpd.
Spending in the first half reached $18.5 billion, just 26 percent of projected expenditures in the budget of $71 billion. It is expected to increase later in the year.
This leaves a provisional budget surplus of $32.3 billion. Local economic reports have forecast Kuwait to post record income and surplus in the fiscal year.
Kuwait has ended the past 12 fiscal years in the black, amassing surpluses of around $200 billion.
Kuwait, which says it sits on 10 percent of proven global crude reserves, also holds assets of more than $300 billion run by the Kuwait Investment Authority, the emirate's sovereign wealth fund.