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| Joined: | Mon Nov 21st, 2005 |
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Leaders in Tehran, Moscow and Caracas have gloated as the financial crisis has hobbled the United States and its Western allies. Analysts say that the three swaggering petro-states are the most vulnerable oil producers to the steep price declines. From a record high of $147 (£85) a barrel in July, crude oil is now trading at around $70 after dipping to its lowest level since August 2007.
Deutsche Bank estimated in a recent research note that Iran and Venezuela need an oil price of more than $95 a barrel to balance their budgets, and Russia requires a price of $75. That compares to a break-even figure of $55 for Saudi Arabia.
Iran and Venezuela have led so-called oil hawks in recent days to push the producer cartel Opec to bring forward an emergency meeting to next Friday, from mid-November, to discuss cutting output quotas to drive up the price. While Russia has prudently salted away much of its oil windfall in “rainy day” funds, Iran and Venezuela are much worse prepared for the downturn, Mr Elkind said.
The tumbling oil prices are grim news for President Ahmadinejad of Iran as he prepares to fight for re-election next June. The populist son of a blacksmith won a landslide election victory three years ago by pledging to give the poor a fairer share of Iran's oil wealth. Now the economy is his Achilles' heel. His profligate spending of petrodollars from record oil revenues has stoked inflation, which topped 29 per cent last month, compared with 12 per cent when he took power.
Does anyone else find the above data to be somewhat innacurate?
Look here:
http://www.allbusiness.com/north-america/united-states-alaska/923787-1.html
Alaska's North Slope is a relatively high-cost oil producing region, which puts it at certain disadvantages. Cambridge Energy Research Asso ciates, the Cambridge, Mass., consulting firm, has ranked Alaska 15th among 26 for investment potential among current or emerging oil producing regions of the world.
Alaska's average full-cycle cost of producing North Slope oil and moving it to the nearest market, the U.S. West Coast , is about $9.70 to $10 per barrel, according to CERA. This compares with a U.S. average onshore cost of production and transportation to market of $8.10/barrel and a cost in Western Canada (i.e., Alberta) of $9.25/barrel, and a world average cost of $8/barrel.
And here:
http://findarticles.com/p/articles/mi_m0DXP/is_/ai_n14923269
Detailed statistics tables: imports of crude oil and petroleum products: PAD products
More data:
http://www.youtube.com/watch?v=mCZC4GTEPkg&feature=related
http://video.google.com/videosearch?q=david+blume+oil+price&emb=0&aq=f#