Of the main GCC oil producers, the U.A.E. has the highest break-even oil
price at just under $107 a barrel for 2012, followed by Saudi Arabia with an
estimated 2012 break-even oil price of around $80 per barrel, says Emirates NBD
in a note to clients Monday.
This is based on forecast budget expenditure of
$105 billion for the U.A.E. and $213 billion for
Saudi
Arabia
, ENBD says, "recognizing
that the kingdom's oil production is more than 3.5 times the U.A.E's."
Oman
and
Bahrain
also
have break-even oil prices between $95-100 per barrel.
Kuwait
's is
the lowest at just $55 per barrel, as its expenditure is relatively low at
around $55 billion (2012 forecast) and it has similar oil production levels as
the U.A.E., the bank says.