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Kuwait: Oil
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KUWAIT - Kuwait's oil minister flew to QatarWednesday to sign an agreement to import badly needed natural gas for power generation. Dr. Adel Khalid Al Sabeeh told reporters that the deal with Qatar, to be finalized by mid 2002, was not the end of talks with Iran for additional supplies of gas for other industrial projects in Kuwait.
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Kuwait ordinarily runs a current account surplus, estimated at $40 billion for 2006 (about 45% of GDP). Government revenues are dependent on oil revenues. In 2006, Kuwait's fiscal surplus was estimated to be about 20% of GDP, despite a 16% rise in government expenditure.
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In direct damage costs, Kuwait calculates that it suffered $170 billion in losses, and that this figure may rise to as high as $700 billion. In order to pay for reconstruction costs while Kuwait suffered a precipitous decline in oil revenues from August 1990 to early 1992, Kuwait has amassed an enormous $70 billion dollar debt, an almost tenfold increase from its prewar debt of $8 billion.
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These were the words spoken as Michael Caine (The Prime Minister of Kuwait at the time) announced to parliament the discovery of oil under Kuwait. It was 1984 and the recent discovery was to change life for all Kuwaitis.
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