Kuwait To Cut Oil Tag

Kuwait is projecting oil revenue in the 1998-99 (July-June) budget at $12 a barrel, $1 below previous years, according to minister of finance, Nasser al-Rodhan. Oil revenue in the fiscal year 1998-99 has been calculated according to Kuwait's new OPEC quota of 2.19 million barrels per day (bpd), and at a price of $12 a barrel, Rodhan told a newspaper, Al-Qabas. This is $1 below previous years in view of the drop in (world) oil prices, he added.