The chart illustrates the crude oil price necessary to balance the state budgets of four large oil exporting countries with government expenditures largely tied to oil exports (Source: Deutsche Bank).

At 30.05 MMBOPD, OPEC member countries are today realizing approximately $1.453 billion less (using a WTI price) in gross revenue per day than they did six months ago.  Since Saudi Arabia announced its decision back on November 27, 2014, to hold its production flat on a go-forward basis, citing the reason as a demand problem not a supply proble...


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