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Interesting to note that whilst Saudi Arabia can technically extract oil for $9/barrel, they have a gigantic society to maintain on top of all that oil revenue
by beerlord 8y ago
Interesting to note that whilst Saudi Arabia can technically extract oil for $9/barrel, they have a gigantic society to maintain on top of all that oil revenue - requiring $70/barrel to break even.
- baking 8y agoThis seems irrelevant, or at best helping the point of the parent comment. If Saudi society has large fixed costs, then they only need to sell more of their large reserves driving down prices even more and increasing the pain of the high-cost producers.