Translated by Kristina Kharlova
According to the Deputy Minister of Energy of Russia Kirill Molodtsov, “the average production cost of a barrel of Russian oil is about $2. The cost of producing hard-to-recover and offshore reserves is above $20. The rates also vary significantly depending on the cycle of mineral development. With declining production, the cost is higher, since at the same cost level less oil is extracted,” – said the official.
Earlier the president of “Rosneft” Igor Sechin said that because of financial speculators oil prices could fall to $10 per barrel. According to him, the annual decline in average daily production in the world is estimated at 3 million barrels a day. Meanwhile, according to Sechin, the excess of supply of oil over demand is between 1.5 and 1.7 million barrels a day, according to RBC.
Saudi Arabia is ready to sign an agreement on limiting oil production, even if Iran does not.
***
| Place | Cost of production in northern hemisphere autumn 2014 |
| Saudi Arabia | US$10–25 per barrel |
| Montney Oil Alberta and British Columbia | US$46 |
| Saskatchewan Bakken | US$47 |
| Eagle Ford, USA Shale+ | US$40–50 (+ Liquids-rich Eagle Ford plays, assuming natural gas prices of US$3.80 per mmbtu) |
| Lloyd & Seal Conventional Heavy, AB | US$50 |
| Conventional Light, Alberta and Saskatchewan | US$58.50 |
| Nebraska USA Shale | US$58.50 |
| SAGD Bitumen Alberta | US$65 |
| North Dakota Bakken, Shale | US$54–79 |
| Permian Basin, TX Shale | US$59–82 |
| Oil sands legacy projects | US$53 |
| Oil sands mining and infrastructure new projects | US$90 |
http://www.fort-russ.com/2016/03/ministry-of-energy-cost-of-production.html
$2.00 a barrel, bend over a little farther! “We gonna extract our profits off the skin of your hide, slave!” $2.00 F’N dollars a barrel? Do you feel “punked”? I sure do!
Oh, yes, the cost of refining and transport! FU!
How does $2.00 for a 55 gal. drum of crude equate to $2.00 per gallon of gas? We care, were British Petroleum, you know, the one’s responsible for the Gulf coast disaster from the DeepWater Horizon. “Lack of maintenance and “don’t give a $hit” attitude is what the final report concluded, yep, our motto, “We don’t give a $hit and we don’t have to”. “We’re so rich, why should we care? Move on sheeples, we’ve got way more important things to worry about to have time to give a rat’s arse about whether you peons live or die.”
They can’t make sense of it because it makes no sense. Goddamned lyin’, cheatin’, stealin’ son’s of bitches, that’s all it is.
There is more oil in the Midwest than all of the M.E. countries combined.
We have ZERO need for foreign oil.