Kuwait bears 43-mln-dlrs daily loss due to declining oil prices: minister

Kuwait is losing 43 million U. S. dollars daily due to the declining oil prices, local daily Arab Times reported Saturday.

Kuwaiti Finance Minister Bader al-Humaidhi was quoted as saying that the state's revenues from oil decreased from 178.57 million dollars per day to 135.2 million due to the falling oil prices.

The Kuwaiti oil reached 68.68 dollars per barrel (dpb) on Sept. 8 and swiftly dropped to 51.79 dpb 17 days later, which has been sustained since then, according to the report.

Al-Humaidhi said that if the decrease in oil prices continued, the state would face a deficit within two years.

Kuwait, a member of the Organization of Petroleum Exporting Countries (OPEC), produces some 2.55 million barrels of crude oil per day.

Source: Xinhua