Everyone in the energy industry is suffering as crude oil prices have slumped. But some oil producing countries are hurting more than others.
In the United Kingdom, it costs $52.50 to produce a barrel of oil — which is trading right now around $42.
Oil production in Brazil costs nearly $49 per barrel. Production costs around $41 a barrel in Canada.
In the United States, production costs are $36 a barrel — still below the trading price.
Those findings are from Rystad Energy’s UCube database, which has information from roughly 6,500 oil and gas fields around the world.
Of course, it’s hard to make money when the cost of producing oil is higher than the sales price.
It’s no secret that many major energy companies have already announced a range of cut backs in high-cost countries.