Global oil prices have fallen by more than 30 percent since the summer of 2014, affecting oil producers and consumers alike. 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 a 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 Canadian shale and tight oil production, and Brazilian 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 all oil exporters.
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