This is an old BBC article from November 2014, but it contains an amazing chart of the crude oil prices that would be necessary to permit a number of oil-producing states to balance their budgets. And I thought Venezuela was behind the eight ball.
Russia needs $110-120 to balance its pre-Ukraine budget.
The drillers in the Dakotas seem to need $50-60 to keep fracking, a technology Russia needs from the West to get the copious oil (and gas) it has left out of the ground.
In the long run, I'm thinking it's good for the Middle East if they have to start looking for some other production besides oil- some actual development within their cultures. Abandoning the OPEC model of price fixing may be a salvation of sorts.
In the long run, I'm thinking it's good for the Middle East if they have to start looking for some other production besides oil....
It certainly was good for Texas following the oil bust of the late-last century. We've got more other resources than, say, the Arabian Peninsula, though. They have lots of land, but that's about it. They could become a financial haven....
3 comments:
Russia needs $110-120 to balance its pre-Ukraine budget.
The drillers in the Dakotas seem to need $50-60 to keep fracking, a technology Russia needs from the West to get the copious oil (and gas) it has left out of the ground.
Eric Hines
In the long run, I'm thinking it's good for the Middle East if they have to start looking for some other production besides oil- some actual development within their cultures. Abandoning the OPEC model of price fixing may be a salvation of sorts.
In the long run, I'm thinking it's good for the Middle East if they have to start looking for some other production besides oil....
It certainly was good for Texas following the oil bust of the late-last century. We've got more other resources than, say, the Arabian Peninsula, though. They have lots of land, but that's about it. They could become a financial haven....
Eric Hines
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