Kuwait Slashes 5-Year Oil Project Budget

published:14/07/2020 08:30 GMT

OPEC member Kuwait has decided to chop 7 billion Kuwaiti dinars (US$27 billion) off the budget allocated for oil projects in the current five-year development plan due to the impact of coronavirus on market demand, a local newspaper said. The government had earlier approved 27.7 billion dinars (US$91.5 billion) in capital spending for its oil companies during the plan that started in 2019, the Arabic language daily Alrai said, quoting informed oil sources in the emirate. Allocations included...More