Economy

Proserpina

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4. Never Mind $35, The World's Cheapest Oil Is Already Close to $20

Mon Dec 14, 2015, 10:39 PM

Dec 2015

and yet, gas prices are higher this week...for Hannukah, perhaps?

http://www.bloomberg.com/news/articles/2015-12-14/never-mind-35-the-world-s-cheapest-oil-is-already-close-to-20

As oil crashed through $35 a barrel in New York, some producers were already living with the reality of much lower prices.

A mix of Mexican crudes is already valued at less than $28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about $25. In western Canada, some producers are selling for less than $22 a barrel.

“More than one-third of the global oil production is not economical at these prices,” Ehsan Ul-Haq, senior consultant at KBC Advanced Technologies Plc, said by e-mail. “Canadian oil producers could have difficulty in covering their operational costs.”

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