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Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budgets

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Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budgets

Bertha News Agency
101 2018-12-01


Iraq, Qatar and Kuwait are the only major producers in the organization that can balance their budgets, the Wall Street Journal reported.

"According to current prices of $58 a barrel, Iraq, Kuwait and Qatar are the only major producers in the organization who can balance their budgets," the paper said.

"Kuwait needs $48 to reach a break-even point, while Qatar can balance its budget by a barrel of oil by about $47," the newspaper said, quoting IMF data.

"Iraq requires $55 a barrel to achieve a break, while Saudi Arabia needs $88, the UAE $71, Oman 77, Bahrain $111 and Libya $114."

"With oil prices falling by nearly a third in less than two months, officials in many Opec countries say the need for collective action to stem oil prices is greater than the anger of US President Donald Trump, who publicly accused them of plotting to keep prices," the Wall Street Journal said. High".

Before the global oil price fell to around $60 a barrel, Trump persuaded OPEC and its allies not to take any action to halt price declines.

But for many OPEC countries, current prices are insufficient but far below what they need to balance their budgets.

These fears will weigh on OPEC officials as they set the course for the 2019 Global Alliance at a meeting in Vienna next week.

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