No. 07



Kuwait Assumes Oil Price Of $12/B In 1998-99 Budget

The Kuwaiti Minister of Finance, Mr. Nasir al-Rudhan, said on 10 February that oilrevenue in the 1998-99 budget, which starts on 1 July, will be calculated on the basis ofan oil price of $12/B, $1 less than in the past two years, because of the decline in worldoil prices. He estimated next year's oil revenue, based on Kuwait's higher OPEC quota of2.19mn b/d, at KD2.6bn($8.52bn), a slight increase from...