The oil price has fallen by more than 30% since Summer 2014. This affected everyone from producers to consumers. The visualization represents Oil Price Dynamics, Breakeven Oil Price which shows oil prices needed to meet general government expenditure and Marginal Cost of Oil Production which shows the change in total cost of producing one additional barrel of oil.
World oil price at $55-$60 / barrel is less than the cost of Russian Arctic oil production, Europe and Brazil biofuels production, shale and tight oil production in US and Canada and offshore oil extraction in Brazil.
State budgets of oil-producing countries will suffer from oil price decrease if the market price falls below breakeven price. In Dec. 2014 world oil prices fell lower than necessary for almost all oil exporters in order to balance their government expenditures.
Oil Prices Coal Prices Natural Gas Prices Commodity Prices Forecast BP Energy Outlook 2030 Gold Silver Copper Aluminium Nickel Zinc
G20 Economic Forecast: GDP growth, Inflation, Unemployment, Government Debt, Current Account Balance
Brent crude oil price will average at $52.4 per barrel in 2017 and increase to $54.1 per barrel in 2018 according to the most recent forecast from the U.S. Energy Information Administration's Short-Term Energy Outlook released monthly. EIA revised up its forecast for 2018 by 2.5 dollars per barrel from the previous release. However, the real price of a barrel of Brent oil - i.e. price adjusted for inflation - will slightly decrease to $50 in 2018 as predicted by OECD in its June's Economic Outlook. After a modest growth in 2018 though, the nominal price of Brent crude will increase to $53.5 a barrel by 2020, as per IMF's Primary Commodity...
Source: OPEC Annual Statistical Bulletin, 2015
The Economist Intelligence Unit recently updated its economic outlook. IMF and The World Bank revised their forecasts earlier in January. On this page we have collected forecasts on GDP growth and main commodities prices from all three agencies. More information on this topic can be found in the following datasets: World Bank GDP forecasts, 2014-2015, EIU Economic and Commodity Forecast, February 2015, IMF GDP forecast 2014-2016, IMF Commodity Price Forecasts, January 2015, World Bank Commodity Forecast Price data, January 2015
Source: BP Statistical Review of World Energy, June 2015 (Prices)