Revenues in Kuwait are double the forecasted figures for 2011-12 in only 11 months, due to rising oil prices and increasing outputs, according to official data. Kuwait's income reached record highs of $96.8 billion at the close of February, a massive increase over the yearly expectations of $48.4 billion, based on data posted by the finance ministry. The 44.1 percent revenue surge over the past year has resulted from rising oil prices and a marked output increase, moving from 2.3 million barrels per day (or bpd) last year to 3.0mn bpd. Oil revenues represent 95 percent of government income and hit $91.7 billion during the opening 11 months of this year, representing a 45.8 percent increase from last year. The record high income of Kuwait previously sat at $79 billion, earned during the 2010-11 fiscal year. The highest budget surplus for the Gulf state was recorded in 2007-08 at $33.5 billion. Budgeted oil revenues were calculated using a conservative $60 per barrel price. Actual results saw the average oil price reach $109 per barrel over the last 11 months. Spending over that period amounted to nearly half of the budgeted amount. Ministry figures reported $38.9 billion in expenditures over the 11-month period, significantly lower than the budgeted amount of $70 billion. These figures result in a $57.9 billion provisional budgeted surplus, twice the amount of last year's. Kuwait has posted a surplus for 13 straight years, accumulating over $200 billion in surplus funds over the last 12 years.
