October 24th, 2008
In what may be the first round of reductions in production, OPEC ministers agreed on Friday to cut output by 1.5 million barrels per day. With oil in a virtual free fall, even the Saudis may have finally found the floor since their budget is built on a reported per-barrel price of $55 to $60. Oil fell to a new low of $64 on Friday.
Posted in Oil
[...] when nearing $150/bbl. Abu Dhabi’s budget is reportedly based on $40-$50/bbl prices, while Saudi’s is said to be in the range of $55-$60/bbl. Meanwhile, Ahmed Al Mazrouie, Chairman of the UAE Contractors’ Association sees a silver [...]