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Global oil production remains strong even as some leading industry forecasts suggest that global economic conditions will override low global oil prices to constrain oil demand growth this year.
  • Some leading OPEC producers, including Iraq, Kuwait, and Saudi Arabia, are producing at or near record levels, largely offsetting production declines from several OPEC and non-OPEC producers. Many of these OPEC members have relatively low operating costs or are on the upside of years of development to bring online new production and thus may not reduce production in the face of the oil price slump to retain their market shares.
  • In contrast, other major producers, such as Mexico, Nigeria, the United States, and Venezuela, are seeing global oil prices fall below their break-even prices. These producers are working to reign in production costs, manage declining production in major producing fields, and/or expedite rationalization of their domestic industry, spurred by the boom-bust cycle of the market, under investment, and internal regulatory reforms.
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Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030

Brent crude oil prices will average $63.4 per barrel in 2018 and decrease to $62.7 per barrel in 2019, according to the most recent forecast from the US Energy Information Administration's monthly Short-Term Energy Outlook (EIA). This reflects an upward revision of $2.5/barrel to the EIA forecast for 2018 compared to last month's Outlook.The OECD Economic Outlook as of November 2017 was less bullish, pegging the real price of a barrel of Brent oil— i.e. price adjusted for inflation—at $60/barrel in 2018.Looking out to 2020, the IMF in its Primary Commodity Prices Projections released in July asserted that after modest growth in 2018, the...

Cost of Oil Production by Country

The oil price has fallen by more than 30% since Summer 2014. This affected everyone from producers to consumers. The visualization represents Oil Price Dynamics, Breakeven Oil Price which shows oil prices needed to meet general government expenditure and Marginal Cost of Oil Production which shows the change in total cost of producing one additional barrel of oil. World oil price at $55-$60 / barrel is less than the cost of Russian Arctic oil production, Europe and Brazil biofuels production, shale and tight oil production in US and Canada and offshore oil extraction in Brazil. State budgets of oil-producing countries will suffer from oil...

OPEC Members Major Oil Companies: Principal Operations, BP

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Texas Budget Revenues | Oil and gas production taxes

In 2014, the State of Texas received $5.8 billion in oil and gas production taxes, more tax revenue from oil and gas production than any year since 1978. And, yet, this represented no more than 5.5 percent of the total state tax revenue in 2014, a far cry from the 25.6 percent of the budget these revenues represented back in the early 1980s. The economy of Texas has diversified since the 1980s, attracting investment from major companies in computing, engineering, transportation, and other industries, and has a more diverse tax and non-tax revenue base as a result. Even so, today's policymakers are facing a lower contribution to tax revenue...