An error occured. Details Hide
You have unsaved pages. Restore Cancel

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.  

The data comes from IMFDeutsche BankCiti Research and Reuters

Oil Prices Coal Prices Natural Gas Prices Commodity Prices Forecast BP Energy Outlook 2030 Gold  Silver  Copper  Aluminium  Nickel  Zinc  
G20 Economic ForecastGDP growthInflationUnemploymentGovernment DebtCurrent Account Balance

Related Data Insights

Crude Oil Price Forecast: Long Term 2017 to 2030 | Data and Charts

Oil prices grew by 1.1 percent in September modestly rebounding from a 7 percent drop in July. Since January, when the price of Brent crude reached a 12-year low, oil prices have rebounded by 50 percent and nearly reached last year's average of $46.99 per barrel. Barring any market surprises, a further recovery of oil prices hinges on a reduction of oil production by OPEC member states in the fourth quarter. Fluctuations in global crude oil prices have always been the focus of the economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, countries dependent...

Cost of producing a barrel of crude oil by country

Slump of oil prices does not slow oil production immediately as it does with investment according to historical evidence. On the contrary, it affects future production through decreased investment in exploration and development of new fields. However, in the current conditions when oil price hovered above break-even price (price at which it becomes worthwhile to extract) for several years the response of production to price decrease may come more quickly. Especially, it concerns countries which experience high operating costs of oil production, namely United Kingdom, Brazil, Canada, Australia. In these countries oil price slump will affect...

Texas Budget Revenues | Oil and gas production taxes

In 2014, the State of Texas received $5.8 billion in oil and gas production taxes, more tax revenue from oil and gas production than any year since 1978. And, yet, this represented no more than 5.5 percent of the total state tax revenue in 2014, a far cry from the 25.6 percent of the budget these revenues represented back in the early 1980s. The economy of Texas has diversified since the 1980s, attracting investment from major companies in computing, engineering, transportation, and other industries, and has a more diverse tax and non-tax revenue base as a result. Even so, today's policymakers are facing a lower contribution to tax revenue...

Global Oil Prices: What's Behind the Drop?

In the summer of 2014, global oil prices began what would become one of the sharpest rates of decline in years.  By January 2015, global oil prices plunged to the lowest values since the depths of the 2009 global recession. After only a slight reprieve, August rolled around and Brent, a global oil price benchmark grade, was trading still lower at around $49 per barrel, a roughly 55 percent decrease since July 2014. The American benchmark crude oil, West Texas Intermediate (WTI), was trading at about $42 per barrel, a 60 percent decline during the same period.  According to a World Bank Policy Research Note published in April, the plunge in...