DUBAI - Kuwait expects to post a surplus of 9.75 billion Kuwaiti dinars ($34 billion) for the current 2009-2010 fiscal year if current oil prices remain at same levels, Awan newspaper report Sunday, citing senior finance ministry sources.
Kuwait is likely to base its next 2010-2011 fiscal budget on an oil price of $35 a barrel as a precautionary measure, the sources said, the Kuwait daily reported.
Kuwait posted a KWD4.25 billion surplus in the first five months of the 2009-2010 fiscal year that ends in March 2010.
The OPEC producer has forecast income for the current fiscal year based on an oil price of $35 a barrel.
Kuwait, which relies on oil income for more than 90% of its revenue, had predicted a deficit in the current fiscal year.