Saudi Aramco Estimates Cost of Oil Production in Russia at More Than $ 40 per Barrel
It follows from the graph that Saudi Arabia itself is the cheapest producer, where it is possible even at a price of Brent crude oil below $ 10 per barrel. In the range of up to $ 30 per barrel, greenfields in the neighboring Middle Eastern countries - Kuwait, Iraq, the United Arab Emirates and Iran - pay off.
According to consulting IHS Markit, the author of these calculations, published in the prospectus on Saturday, in Russia, the break-even of new projects on land begins at a price slightly above $ 40 per barrel. In total, the payback range in the chart varies from $ 10 to $ 70 per barrel, which puts Russian projects in the middle of the rating. Similar projects in the USA, Venezuela, Kazakhstan, Azerbaijan and a number of African countries cost more than Russian ones.
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