The issue is that currently, the cost of extracting oil exceeds $25/barrel. Personally, I would be glad to see the Saud family ousted from Arabia, as there are countless reasons to consign those disgusting Salafists to the dustbin of history. However, reducing the price of oil at this moment is not feasible.
This analysis is from 2019 and it doesn’t break down the cost difference for onshore vs. offshore oil. But it estimates the cost for the Saudi’s at $8.98/barrel (approximately $11.01 in todays dollars).
Do you have the analysis where it says $25+/barrel. It is certainly possible that production costs have risen significantly in the last half decade.
The issue is that currently, the cost of extracting oil exceeds $25/barrel. Personally, I would be glad to see the Saud family ousted from Arabia, as there are countless reasons to consign those disgusting Salafists to the dustbin of history. However, reducing the price of oil at this moment is not feasible.
This analysis is from 2019 and it doesn’t break down the cost difference for onshore vs. offshore oil. But it estimates the cost for the Saudi’s at $8.98/barrel (approximately $11.01 in todays dollars).
Do you have the analysis where it says $25+/barrel. It is certainly possible that production costs have risen significantly in the last half decade.