Middle East Economic Survey


No 27



Kuwait Adopts $21/B Oil Price For 2005-06 Budget

Kuwaits parliament adopted the extremely low $21/B oil price in its 2005-06 budget which was approved on 27 June. The price is higher than the $15/B used for the 2004-05 budget, but with oil prices hovering close to $60/B, like many of the oil producing countries budget prices, it is out of touch with market reality. Kuwaits price is the lowest in the Gulf and only Algeria ($19/B),...