Kuwait’s GDP Growth, Budget Deficit, and Oil Prices in 2017
“I have a friend who is a specialist in oil, he said to me “if you ask me tomorrow what would be the price of oil, I would not judge it”. In the past, if you remember, the oil prices in a week or even a month could go up or down by 50 cents or maximum by a US dollar, but now they can drop or rise by one US dollar or by three,” says Bader Al Humaidhi, Former Minister of Finance.
“I have a friend who is a specialist in oil, he said to me “if you ask me tomorrow what would be the price of oil, I would not judge it”. In the past, if you remember, the oil prices in a week or even a month could go up or down by 50 cents or maximum by a US dollar, but now they can drop or rise by one US dollar or by three,” says Bader Al Humaidhi, Former Minister of Finance.
“Unfortunately in our country 95% of our revenues in the budget is derived from oil. We don’t have any other source of income. If you go to Dubai for example, they have tourism and other revenues. Even Saudi Arabia derives 70% of its revenue from oil and now they have 30% from other sources. We have not done anything to diversify.”