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$15 might still be the extraction price in Saudi Arabia. https://www.fool.com/investing/2017/03/19/you-wont-believe-what-saudi-arabias-oil-production.aspx http

• HPsquared 4y ago
  Oil at that price can't supply the entire market, though (unless they're just being really prudent).
  • dredmorbius 4y ago
    No. But oil at that cost provides a huge land-rent income to the Saudis when world (market) oil prices top $50, $100, $150, $200, ... bbl. KSA's extraction price remains $15. The rest is pure profit to them. (Discounting the hundreds of millions of years of geological accumulation and transformation which created the resource in the first place. See "Burning Buried Sunshine" by Jeffrey S. Dukes, 2003. https://dge.carnegiescience.edu/DGE/Dukes/Dukes_ClimChange1.pdf https://dge.carnegiescience.edu/DGE/Dukes/Dukes_ClimChange1.... (PDF).)