Unlike its GCC peers Kuwait at least notched up a trade surplus in 2015, albeit the lowest in 10 years. But it will be hard-pressed to repeat this trick in 2016.

The country’s oil export revenue fell by 45% to KD 14.7bn last year, the result not only of a collapse in prices but also of a 3% fall in production as Kuwait was hit by the progressive outage from late 2014 of production from the Neutral Zone it shares with Saudi Arabia (see p4).

In dollar terms oil revenue was down by 48%...