Standard & Poor's revealed that Kuwait's economic performance trends indicate that Kuwait's economy can grow by 1.5% in 2019, Kuwait's average oil production is expected to average about 2.7 million barrels per day in 2019, compared to 2.8 million bpd as it was included in the country's plan within the state budget.
The agency fixed Kuwait's sovereign credit rating at A.A has with a stable outlook, announcing the possibility of raising this rating if major economic and political reforms succeed.
S & P also predicted GDP growth of 2.5% on average over the years 2020-2020, supported by expectations that OPEC would suspend the agreement on reducing oil production after March 2020, in addition to Kuwait's efforts to increase oil production capacity and resume production in the live fence mutual region between Kuwait and Saudi Arabia, and the government's plans to implement several investment projects.
The agency said that the OPEC-Plus agreement on reducing oil production and other factors, contributed to the support of international oil prices, expecting the average price of Brent crude barrel to reach $60 during the years 2019-2022, and later decline to $55, so that the high oil prices support Kuwait's financial and external surpluses until 2020.
Source: (Al-Arabi Al-Jadeed newspaper, Edited)
