An error occured. Details Hide
You have unsaved pages. Restore Cancel

Global oil prices have fallen by more than 30 percent since the summer of 2014, affecting everyone from producers to consumers. This dashboard presents oil price dynamics and the breakeven oil prices—minimum oil price to cover general government expenditures—over the past decade as well as snapshot of the marginal cost of oil production by country in 2014.


A world oil price in the range of $55 to $60 per barrel is less than the cost of Russian Arctic oil production, European and Brazilian biofuel production, US and Candaian shale and tight oil production, and Brailian presalt oil production. Sustained price levels below the cost of production can deter exploration and production and shift production potential for years to come.


State budgets of oil-producing countries suffer as oil prices dip below their respective breakeven prices. In December 2014, the world experienced just that as world oil prices fell below breakeven for almost ever oil exporters.  

 

Sources: Interational Monetary FundDeutsche BankCiti Research, and Reuters.

 

_______________________

 

Visitors of this page also viewed:

Oil Prices   Coal Prices   Natural Gas Prices   Commodity Prices Forecast   BP Energy Outlook 2030   Gold   Silver   Copper   Aluminium   Nickel   Zinc  


G20 Economic ForecastGDP growth   Inflation   Unemployment   Government Debt   Current Account Balance

Related Data Insights

United States: The World's Newest Major Exporter of Crude Oil

In June, US crude oil exports reached historic levels at nearly 2.2 million barrels per day (b/d), a level similar to that of Nigeria and Iran. From 1975 until late 2015, a federal ban on the export of US crude oil severely restricted crude oil exports to all countries except Canada. By lifting the ban, the US Government has transformed the United States into a major exporter of crude oil and a force that is reshaping global oil markets. To date in 2018, the United States has averaged more than 1.7 million b/d of crude oil exports while continuing to import an average of 7.9 million b/d.Although Canada remains an...

Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030

Brent crude oil prices will average $72.8 per barrel in 2018 and to $73.7 per barrel in 2019, according to the most recent forecast from the US Energy Information Administration's monthly Short-Term Energy Outlook (EIA). This reflects an upward revision of $9.5/barrel to the EIA forecast for 2018 compared to last month's Outlook.The OECD Economic Outlook as of May 2018 was less bullish, pegging the real price of a barrel of Brent oil— i.e. price adjusted for inflation—at $69.4/barrel in 2018.Looking out to 2020, the IMF in its Primary Commodity Prices Projections released in July asserted that after modest growth in 2018,...

Global Oil Market Imbalance | Overview of countries on either side

Global oil production remains strong even as some leading industry forecasts suggest that global economic conditions will override low global oil prices to constrain oil demand growth this year.Some leading OPEC producers, including Iraq, Kuwait, and Saudi Arabia, are producing at or near record levels, largely offsetting production declines from several OPEC and non-OPEC producers. Many of these OPEC members have relatively low operating costs or are on the upside of years of development to bring online new production and thus may not reduce production in the face of the oil price slump to retain their market shares.In...

Global Oil Stock Levels in Days of Net Imports

Crude Oil Price Forecast | Costs of Oil Production by Country The International Energy Agency is a Paris-based autonomous intergovernmental organization established in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors. IEA member countries (excluding crude oil net exporters) are required to maintain total oil stock levels equivalent to at least 90 days of the previous year's net imports. As the IEA data shows, by the end...