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The breakeven price for North American shale oil was US$68 a barrel in 2015, making it one of the most expensive to produce. By 2019, the "average Brent breakeven price for tight oil was about US$46 per barrel. The breakeven price of oil from Saudi Arabia and other Middle Eastern countries was US$42, in comparison. [141]
On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries ...
"Qatar is at $21 a barrel, because it brings in much more oil money than it spends. Saudi Arabia 's break-even point is at $49 a barrel. And Venezuela is at $58, second only to Nigeria 's $65."
Brent prices <LCOc1> have rebounded since plunging to a more than 20-year low in April, but at just over $40 per barrel, they are significantly below what most Gulf states would need to balance ...
Saudi Arabia’s economy has jolted into reverse gear, after the world’s largest crude oil producer slashed output to prop up prices. Saudi Arabia’s oil production cuts have tipped its economy ...
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After Saudi Arabia promised further production cuts, WTI reached $51.28 on January 7 and Brent climbed as high as $54.90, the highest since before COVID-19. [36] On January 14, a weaker dollar and an expected COVID-19 relief package helped oil move slightly higher, with WTI at $53.57 and Brent at $56.42, though Europe was experiencing more lockdowns and China had a higher number of COVID-19 ...