Trading Addicts posted the average crude production cost for the Gulf Cooperation Council (GCC) countries at $47, which in itself is very interesting in the context of light sweet crude yesterday closed at $49.42. Could it be that we are approaching a low in oil prices? It would not surprise me at all if the low is already in place, because I can not see a scenario whereby OPEC would not cut production to maintain an oil price above its members' production cost.
The individual country production costs are as follows:
1. Algeria $56
2. Kuwait 33
3. Iran 90
4. Bahrain 75
5. Irag 111
6. Oman 77
7. Libya 47
8. Saudi Arabia 49
9. UAE 23
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