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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality

Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budgets

Rocky: Admin Assist; Posts : 281327
Join date : 2012-12-21

Post n°1

Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budgets

by Rocky Sat 01 Dec 2018, 3:13 am

Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budgets

Saturday 1 December

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The newspaper The Wall Street Journal , that Iraq and Qatar and Kuwait , the major producers only in the organization who are able to balance their budgets.

"According to current prices of $ 58 a barrel, Iraq, Kuwait and Qatar are the only major producers in the organization who can balance their budgets," the paper said.

"Kuwait needs $ 48 to reach a break-even point, while Qatar can balance its budget by a barrel of oil by about $ 47," the newspaper said, quoting IMF data.

"Iraq requires $ 55 a barrel to achieve a break, while Saudi Arabia needs $ 88, the UAE $ 71, Oman 77, Bahrain $ 111 and Libya $ 114."

"With oil prices falling by nearly a third in less than two months, officials in many Opeccountries say the need for collective action to stem oil prices is greater than the anger of US President Donald Trump, who publicly accused them of plotting to keep prices ," the Wall Street Journal said. High".

Before the global oil price fell to around $ 60 a barrel, Trump persuaded OPEC and its allies not to take any action to halt price declines. But for many OPEC countries, current prices are insufficient but far below what they need to balance their budgets.

These fears will weigh on OPEC officials as they set the course for the 2019 Global Alliance at a meeting in Vienna next week.

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Current date/time is Tue 26 Nov 2024, 8:17 pm