Brent oil tumbles below $80 a barrel

Crude oil prices have fallen by 30% since June after being relatively stable for almost four years, at about $110 a barrel. Oversupply concerns have left consumers as winners but producers as losers
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Brent crude oil futures (per barrel)

80

100 

120

Jun

Jul

Aug

Sep

Oct

Nov

Jun 19: $115.06

Jul 25: $108.39

Sep 4: $101.21

Nov 12: Brent falls to $79.81 a barrel, lowest since September 28, 2010

Nov 13: Brent opens at $80.70
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Price per barrel (required to balance national budgets)

Venezuela: $160. Every dollar drop in oil price cuts GDP by $700 million a year

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

Nigeria: $120. Oil and natural gas account for 96% of export revenues 

U.S.: $115. Break-even price for highest-cost U.S. shale oil. $75 for lowest-cost shale oil

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

Canada: $100. For oil sands development to be viable

Norway: $100. Oil and gas investments set to fall by 10%

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

Saudi Arabia: $85. Has reserve fund of some $700bn
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Sources: ICE Futures Europe exchange, Financial Times$

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