Bloomberg, citing data from the International monetary Fund (IMF) and the estimates of the investment banks estimated at what price of oil the OPEC countries and Russia will be able to balance their budgets.
As writes the Agency, citing Natixis SA, in particular, for output on the balanced budget required an increase in average oil prices to $ 69 per barrel.
Russian President Vladimir Putin in September at a press conference following his visit to the G20 summit in Hangzhou said that the current oil price on the world market is beneficial for Russia, however, is unfair.
“The price should be fair. Now there could be a little higher”, – said Putin, adding: “I mean that our budget is typeset at the rate of $ 40 per barrel.” However, said the President, he does not see in this situation, the threat to the country’s economy.
According to analysts referenced by Bloomberg, Iran will be enough for 55.3 per barrel. Kuwait to deal with the budget deficit in 2016, will need to 47.8 percent. The United Arab Emirates for balancing the budget need to the price of a barrel rose to 58.6 per dollar, Qatar – 62.1 per dollar, and Saudi Arabia – to 79.7 dollar.
According to the IMF, Iraq to balance the budget should rise in world oil prices to 58.3 per barrel, says RBC. Angola to defeat the deficiency of the necessary price of 66.06 per barrel, follows from the calculations of UBS Group AG. Algeria needs to increase in world oil prices, as the balanced budget, according to the IMF, can only provide a price above 90.6 dollar per barrel.
Ecuador and Venezuela, according to UBS, for the victory over the deficit, the increase in world oil prices to 104,69 dollar and dollar 117.5, respectively. Nigeria to balance the budget would be enough and 85.4 per barrel, according to estimates by Deutsche Bank, Libya needs a price of 216.5 per barrel, according to the IMF.
World oil prices Monday show a negative trend amid doubt that OPEC meeting in Vienna on 30 November will come to a final agreement on limiting their level of production. It is reported by RIA “Novosti” with reference to the auction.
As of 08:03 GMT the price of January futures for North sea petroleum mix of mark Brent has decreased on 0,1% to 48.19 USD per barrel. The price of January futures for WTI crude oil fell 0.2% to 45,97 USD per barrel.
In Vienna on Wednesday, November 30, there will be an official OPEC meeting. As expected, the it organization should make the final decision on the agreement on limiting its oil production. In late September, the cartel’s informal meeting in Algeria agreed on a restriction of output in the range of 32.5-33 million barrels of oil per day, but specific limits while there is no agreement.
The organization also hopes to join the measures to stabilize the market and several other oil-producing countries, especially Russia. However, at the end of last week, the media reported that the meeting of representatives of OPEC with non-cartel countries, which was scheduled for Monday, will not take place because of the refusal to participate in Saudi Arabia. Saudi authorities explained that it had decided not to participate in the meeting due to the lack of consensus among OPEC countries.