Citing figures released by Kuwait Petroleum Corporation (KPC), the KNA report said that Friday's price was 27 cents up compared with 62.15 dpb on the previous day.

    From the beginning of the current 2006-2007 fiscal year that began on April 1, 2006, the oil price in the small Gulf state has been on the rise and now it is hovering above 60 dollars. On May 2, Kuwaiti crude oil price hit its record high of 65.49 dollars, according the KNA report.

    Kuwait's oil price maintained over the past few months exceeding the 60 dpb psychological barrier, while other international oil prices surpassed 70 dpb in the world markets. Oil export revenues make up around 70 percent of the state revenues in the kingdom, which accounts for 10 percent of the world's proven oil reserves.

    Kuwait, which has an oil production capacity of 2.6 million barrels per day currently, vows to raise the capacity to 4 million barrels per day by 2020. Enditem