Kuwait to base 2016/17 budget on oil price of $25

FXStreet (Mumbai) - As per Arabiya headlines on Bloomberg, Kuwait has decided to base its 2016/17 budget on oil price of USD 25/barrel.

The nation expects 2016/17 budget deficit at 12.9 billion dinars. Most of the OPEC nations are expected to suffer massive budget deficits; given the sharp decline in the oil prices.

Kuwait’s decision to base its budget on oil price of USD 25/barrel could reduce the a very low possibility of a sharp rebound this year.