Oil: The price To produce A Barrel
Everyone within the energy trade is suffering as crude oil prices have slumped. But some oil producing nations are hurting greater than others.
Within the United Kingdom, it prices $52.50 to produce a barrel of oil — which is trading right now round $forty two.
Oil manufacturing in Brazil prices practically $forty nine per barrel. Manufacturing costs round $41 a barrel in Canada.
Within the United States, manufacturing prices are $36 a barrel — nonetheless beneath the buying and selling price.
Those findings are from Rystad Vitality’s UCube database, which has info from roughly sixty five,000 oil and gasoline fields around the world.
Of course, it’s exhausting to become profitable when the cost of producing oil is larger than the natural gas price in usa sales value.
It’s no secret that many major vitality companies have already introduced a range of minimize backs in high-cost countries.
See extra: What’s costs to natural gas price in usa supply oil
On the opposite aspect of the coin, Saudia Arabia and Kuwait can pump a barrel of oil for less than $10, on Refinery average. Iraq can produce oil for about $10.70 per barrel.
Rystad’s head of evaluation, Per Magnus Nysveen, offered CNNMoney with the oil manufacturing natural gas price in usa data and said it clearly illustrates how Gulf states are in a much stronger place resulting from their low prices.
Oil prices plunged in the again half of 2014 after buying and selling above $100 a barrel. The drop came after OPEC — a group of some of the most important oil producing nations on the planet — determined to proceed pumping the identical quantity of oil regardless of clear signs that there was a lot provide in the market.