Kuwaiti oil average USD 5.1 higher

The January average price of Kuwaiti oil was USD 111.7 per barrel - USD 5.1 higher than the previous month, a local report revealed on Saturday. The monthly average is the second highest in the current 2011/2012 fiscal year, which is currently in its 11th month, according to Al-Shall Economic Consultants. The average of the last 10 months of the fiscal year, which began in April, is USD 108.1, representing an increase of USD 48.1 per barrel from the previous fiscal year. Kuwait, in the first eight months, achieved actual oil revenues of USD 17.7 billion - with USD 5.1 billion of these in the months of December and January alone.