KUWAIT CITY, Dec 16: Kuwait's revenues in the first eight months of the current fiscal year topped 37 billion dollars, a 17-percent increase over the same period last year, on the back of high oil prices, a report said Saturday.

Al-Shall Economic Consultants said total revenues at the end of November, the eighth month of the 2006/2007 fiscal year, reached 37.2 billion dollars against $31.8 billion posted in the same period the previous year.

The figure is up 26.1 per cent on the $29.5 billion projected for the whole fiscal year which began in April, said the report, quoting finance ministry figures.

Oil revenues accounted for $35.4 billion, up 17.6 per cent on $30.1 billion posted in the same period last fiscal year and 32.1 per cent higher than the $26.8 billion forecast for the entire year.

The increase came despite a sharp drop in oil revenues, which make up 95 percent of total income, in October and November when oil prices moderated after hitting an all-time high in August.

The average price of Kuwaiti oil dipped to around 54 dollars a barrel in November, down from its historical levels of above 66 dollars a barrel in August.

Oil revenues in the budget are calculated at a conservative price of $36 a barrel.

Kuwait, a member of Opec, pumped some 2.44 million barrels per day (bpd) in November, down from 2.54 million bpd in the previous month due to a decision by OPEC to slash output in a bid to shore up prices.

This year's budget, which runs until March 31, 2007, is projecting a deficit of $8.1 billion, but local economic reports have forecast a surplus of around $20 billion.

This would be Kuwait's eighth straight year of windfall.

In the fiscal year that ended March 31, Kuwait posted a record surplus of $23.84 billion, to add to the 30 billion dollars of surplus collected in the previous six years.

Finance Minister Bader Mishari al-Humaidhi said last month that Kuwait's financial assets, which include returns on huge overseas investments, have reached $166 billion.

Kuwait sits on 10 per cent of the world's oil reserves. It has a native population of one million people, in addition to two million foreign residents.—AFP