Oil exporters face revenue shortfalls

Crude oil prices have fallen by 25% since June after being relatively stable for almost four years, at about $110 a barrel. The plunge has left consumers as winners but producers as losers
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Brent crude oil (spot price per barrel)

$120

$100

$80

Jun

Jul

Aug

Sep

Oct

Jun 19: $115.06

Jul 25: $108.39

Sep 4:$101.21

Oct 17: $85.99

Extraction costs per barrel – Middle East and North Africa $25 Shale oil $50-$100

Price per barrel (required to balance national budgets)

Iran: $140. Sanctions over nuclear programme have caused revenue from oil exports to fall 52% to $56 billion in 2013-2014

Venezuela: $120. Every dollar drop in oil price cuts GDP by $700 million a year

Nigeria: . Oil and natural gas account for 96% of export revenues 

Russia: $105. Every dollar drop results in $2bn loss in revenues. Oil at $90 a barrel cuts GDP by $24.4bn (1.2%)

Norway: . Oil and gas investments set to fall by 10%

Angola: $98. Oil exports account for 46% of GDP

Canada: $96. Oil price is critical for economic recovery

Saudi Arabia: $85. Has reserve fund of some $700bn 

U.S.: $75. Shale-oil boom has pushed production levels to their highest in 28 years

Sources: Energy Information Administration, Sberbank CIB, IMF, World Bank 

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