You Won’t Believe What Saudi Arabia’s Oil Production Cost Is

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When crude  oil prices crashed into the $20 range early last year, it had most oil-producing nations quaking in their boots. That’s because few countries can make much — if any — money at that price point. I say  most because there are a handful of producers that were still able to make a tidy profit at that price point. Leading the way was Saudi Arabia.

According to data from energy industry consultant Rystad Energy, on average it cost Saudi Arabia less than $9 to produce a barrel of oil last year. That’s the cheapest in the world, though fellow OPEC countries Iran and Iraq can produce for around $10 per barrel as well, which is well below rival nations…

 

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Posted in: Daily News

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