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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 exceeds 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 price decrease if the market price falls below breakeven price. In Dec. 2014 world oil prices fell lower than necessary for almost all oil exporters in order to balance their government expenditures.  

The data comes from IMFDeutsche BankCiti Research and Reuters

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Aperçu des données en lien

Crude Oil Price Forecast: Long Term 2017 to 2030 | Data and Charts

Oil prices grew by 1.1 percent in September modestly rebounding from a 7 percent drop in July. Since January, when the price of Brent crude reached a 12-year low, oil prices have rebounded by 50 percent and nearly reached last year's average of $46.99 per barrel. Barring any market surprises, a further recovery of oil prices hinges on a reduction of oil production by OPEC member states in the fourth quarter. Fluctuations in global crude oil prices have always been the focus of the economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, countries dependent...

Global Oil Market Imbalance | Overview of countries on either side

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...

Cost of producing a barrel of crude oil by country

Slump of oil prices does not slow oil production immediately as it does with investment according to historical evidence. On the contrary, it affects future production through decreased investment in exploration and development of new fields. However, in the current conditions when oil price hovered above break-even price (price at which it becomes worthwhile to extract) for several years the response of production to price decrease may come more quickly. Especially, it concerns countries which experience high operating costs of oil production, namely United Kingdom, Brazil, Canada, Australia. In these countries oil price slump will affect...

Overview of economic forecasts

The Economist Intelligence Unit recently updated its economic outlook. IMF and The World Bank revised their forecasts earlier in January. On this page we have collected forecasts on GDP growth and main commodities prices from all three agencies. More information on this topic can be found in the following datasets: World Bank GDP forecasts, 2014-2015, EIU Economic and Commodity Forecast, February 2015, IMF GDP forecast 2014-2016,  IMF Commodity Price Forecasts, January 2015,  World Bank Commodity Forecast Price data, January 2015