Kuwait earns $4.6 bln in Nov, lowest in 8 months

KUWAIT, Dec 21 (Reuters) - OPEC-member Kuwait posted an income of 1.254 billion dinars ($4.56 billion) in November, the country's lowest monthly earnings in its 2008/09 fiscal year, on lower-than-expected oil prices, official data showed on Sunday. Revenue in the world's seventh-largest oil exporter was 1.95 billion dinars in October and 1.69 billion dinars in September, the government data showed.

In calculating the budget, Kuwait has assumed its crude, the country's main revenue earner, would fetch $50 a barrel over the year to March 31.

But Kuwaiti crude plunged to $35.62 on Friday, after peaking at $135 in July, according to state news agency KUNA, amid a gloomy global economic outlook.

Despite that, Kuwait posted a budget surplus of 8.06 billion dinars in the first eight months of the current fiscal year.

Revenue stood at 17.73 billion dinars in the eight months to Nov. 30, while expenditure was 7.9 billion dinars, the data showed.

Based on the initial budget forecast total revenue is expected to amount to 12.68 billion dinars for the whole year including 11.65 billion dinars from oil exports.

Kuwait had initially forecast a full-year deficit of 7.55 billion dinars.

Researchers at National Bank of Kuwait said earlier this month the Gulf Arab state is expected to post a surplus of 1.8 billion dinars this year, reflecting record oil prices during the first months of the fiscal year.

Kuwait posted a surplus of 9.32 billion dinars in 2007/08. (Reporting by Rania El Gamal; Editing by Erica Billingham)