The oil price has fallen by more than 30% since Summer 2014. This affected everyone from producers to consumers. The visualization represents Oil Price Dynamics, Breakeven Oil Price which shows oil prices needed to meet general government expenditure and Marginal Cost of Oil Production which shows the change in total cost of producing one additional barrel of oil.
World oil price at $55-$60 / barrel exceeds the cost of Russian Arctic oil production, Europe and Brazil biofuels production, shale and tight oil production in US and Canada and offshore oil extraction in Brazil.
State budgets of oil-producing countries will suffer from oil price decrease if the market price falls below breakeven price. In Dec. 2014 world oil prices fell lower than necessary for almost all oil exporters in order to balance their government expenditures.
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Brent crude oil price will average at $51.1 per barrel in 2017 and increase to $51.6 per barrel in 2018 according to the most recent forecast from the U.S. Energy Information Administration's Short-Term Energy Outlook released monthly. However, the real price of a barrel of Brent oil - i.e. price adjusted for inflation - will slightly decrease to $50 in 2018 as predicted by OECD in its June's Economic Outlook. After a modest growth in 2018 though, the nominal price of Brent crude will increase to $53.5 a barrel by 2020, as per IMF's Primary Commodity Prices Projections released in July. So will do the West Texas Intermediate oil prices...
The number of oil and gas drilling rigs decreases worldwide, due to the falling oil prices, which are below the marginal production cost in many oil-producing countries now. In several U.S. states the quantity of oil rigs, which strongly increased during the shale boom in 2009-2014, has already reached historically low levels. As the history shows, the decrease in rig count may last for a long time in case of low oil prices. During six years from 2008 to 2014 the number of rigs for natural gas production has decreased 5 times (from 1600+ in Sep 2008 to 340 currently, check the graph at the bottom of the page). Sources: Baker Hughes...