Breitling

Article: “Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budget. According to current prices of 58 dollars per barrel Iraq, Kuwait and Qatar are the only major producers who can balance their budget…Kuwait needs $48 to reach break even point. While Qatar can balance it’s budget by a barrel of oil of about $47…according to IMF data Iraq requires $55 per barrel.” So there we have it…the budget that I had and the numbers I was looking at was about $58 to $60. So I don’t know where these numbers come from but let’s assume these guys are right they’re saying the data came from the IMF.  “Iraq requires $55 per barrel to achieve a break. Saudi Arabia needs $88.” We know Saudi Arabia doesn’t need $88 anymore because they got opened up to U.S. markets.  So the UAE needs $71. Amman [Jordan] needs $77. Iran needs $111…and Libya needs $114.  So that’s what we’re looking at, $55 per barrel.  Remember it’s long-term…We’re trying to shut out Iran. We’re trying to offer a way out to Iraq that makes them a partner with us. And they’re probably going to take it because they’re looking at what’s happening with Saudi Arabia.