Certain crude grades from around the globe are already at or below $20 per barrel

$20 oil

Data: Bloomberg, North Dakota Department of Mineral Resources. Compiled by EnerCom

Oil and gas prices for the U.S. crude benchmark WTI, and international crude benchmark Brent, closed below $30 per barrel today, but some producers are already seeing less for their oil. The price for some grades of crude oil is already below $20 per barrel in parts of the world.

Even the world’s largest producer, Saud Arabia, is selling its Arab Heavy grade crude oil to Asian markets for less than $20 per barrel. The overall OPEC crude basket, which includes several of its members’ crude oil production, is still above the $20 oil mark at $24.27, but as the global glut continues, so will downward pressure on prices. The last time OPEC’s basket sold for less than $20 per barrel was February 27, 2002, when a barrel of crude oil cost $19.46.

Canada’s main crude grade, Western Canadian Select, is also already under the $20 oil mark, selling for $15.12 today. Other producers in the Americas like Mexico are seeing even less for some grades of crude, with Mexican Maya to Asia at $10.68 per barrel.

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