Kuwaiti oil prices remained over USD 100

An economic report said on Saturday that with the end of last July, the first third of the current fiscal year expires while the price of Kuwaiti oil remains over USD 100 per barrel. The report, issued by the Alshal Consultants and Investment Company, reported that the average price of a barrel of Kuwaiti oil for the month of July amounted to USD 109.2, while the average price of Kuwaiti crude oil for the first third of the current fiscal year was USD about 109.6. Meanwhile, the month of April had recorded the highest oil price per barrel of Kuwaiti oil which stood at USD 115.6.It added that the average of the first third of the fiscal year was more than USD 49.6, representing 82.7 percent on the projected price in the current budget of USD 60 per barrel which will reflect positively on the oil revenues.It pointed out that the July 2010 average was about USD 70.8 a barrel, and that the last fiscal year 2010/2011, which ended at the end of last March, had seen the Kuwaiti oil recording an average of USD 81.9.The report added that Kuwait could have earned oil revenues during the first third of the year estimated at nearly USD nine billion.