Posted On: 11/05/2014 9:43:28 PM
Post# of 39368
Your information is wrong.
Saudi Arabia's lifting costs are less than $10/barrel.
See How much does it cost to produce crude oil and natural gas?
Saudi's OPEC ally Kuwait's view is that oil price will not go below $76-$77 due to production costs in more expensive nations, for example the US.
See Exclusive: Privately, Saudis tell oil market- get used to lower prices
And all this talk of oil price seems a bit premature. Some meaningful oil production would be nice for Treaty. IMO
Also in my experience leaving oil in the ground or unsold in tanks waiting for a forecast oil price increase is a bad business decision (unless the oil is uneconomic to produce) - as the oil price cannot be forecast to any degree of certainty.
Cheers
Belize Oilwatch
Belize City, Belize CA
Saudi Arabia's lifting costs are less than $10/barrel.
See How much does it cost to produce crude oil and natural gas?
Saudi's OPEC ally Kuwait's view is that oil price will not go below $76-$77 due to production costs in more expensive nations, for example the US.
See Exclusive: Privately, Saudis tell oil market- get used to lower prices
And all this talk of oil price seems a bit premature. Some meaningful oil production would be nice for Treaty. IMO
Also in my experience leaving oil in the ground or unsold in tanks waiting for a forecast oil price increase is a bad business decision (unless the oil is uneconomic to produce) - as the oil price cannot be forecast to any degree of certainty.
Cheers
Belize Oilwatch
Belize City, Belize CA
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