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Economy

xchrom

(108,903 posts)

9. Libya's Breakeven Price For Oil Is Literally Off The Chart

Reply to Demeter (Original post)

Sat Nov 29, 2014, 09:20 AM

Nov 2014

http://www.businessinsider.com/oil-production-breakeven-prices-2014-11

Among the factors Morse cited for why a production cut was unlikely is that Saudi Arabia has enough cash on hand to withstand the decline in oil prices so far.

And following OPEC's announcement on Thursday, Russian oil CEO Igor Sechin said that Russia could withstand a drop in crude prices to $60 a barrel.

Russia is not an OPEC member.

And so as oil prices continue to tumble a number of countries that rely on oil exports to balance their budget will certainly miss this goal in 2014, a few countries really stand out.

Iraq, Iran, Algeria, and Yemen never saw oil prices get above their breakeven price for more than just a few days in 2014.

But Libya looks like it never had a chance.

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