Iran needs an oil price of $127 a barrel to balance its budget, amid increased spending needs among all oil producers, an influential Middle Eastern institute says.
Iran
needs
an oil price of $127 a barrel to balance its budget, amid increased spending
needs among all oil producers, an influential Middle Eastern institute says.
The assessment suggests members of the Organization of Petroleum Exporting
Countries are likely to push for higher prices, possibly by cutting back on
overproduction.
In a report posted on its Website over the weekend, Arab Petroleum Investments
Corp., which is owned by Arab oil producers, said the Islamic republic now
needs an oil price of $127 a barrel for its budget to break even. That compares
with the current market price of about $110 a barrel and is more than $20 a barrel
higher than APIC said
Iran
needed two years ago.
Iran
,
which says it needs an oil price of only $85 a barrel to balance its budget,
has faced a sharp drop in production and exports because of Western sanctions.
APIC's study also noted an increase in the average break-even oil price needed
by OPEC as a whole for 2012, saying it now stands at $99 a barrel, compared
with $77 two years ago.
For instance,
Saudi Arabia
's
break-even price is $94 a barrel, up from about $80 a barrel two years ago,
according to APIC, after Arab uprisings elsewhere led the kingdom to boost
spending.
Saudi Arabia
itself estimates it can cope with oil at $75 a barrel.
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