low oil hit

Pressure to reduce oil production increased.

Major producers’ GDP is built upon oil. Iran has oil at 65% of its GDP. Kuwait, which has already lowered production, is at 60% of its GDP. Saudi Arabia at 50%. Saudi Arabia assumed $60 per barrel when outlining its 2020 budget. Shortfalls of cash are going to hurt economies around the world.

The IMF has put together a 2020 price per barrel breakeven point for these nations:

  • Saudi Arabia at $76.10
  • UAE at $69.10
  • Kuwait at $61.10
  • Iraq at $60.04
  • Nigeria at $144.00
  • Algeria at $109
  • Libya at $100.00
  • Angola at $55.00
  • Iran at $389.00


The coronavirus pandemic has crushed global oil demand.

This post from cnbc.com was the source of this post.



Published by mikebertelsen

Global market, trade, and financial news. I keep up to date with what I assess is important.

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