Global Budget Breakevens

Yes, Saudi Arabia (via Aramco) has lifting costs of $2.x/barrel.  They also have significant government budgetary expenses.  Here is a good Bloomberg article that features IMF breakeven data by country.

International Monetary Fund data released on Monday show the world’s biggest oil exporter needs prices at about $85 a barrel to balance its budget this year, up from a forecast of $73 in September.

The estimates highlight the tricky task facing Crown Prince Mohammed bin Salman as he tries to forge closer ties with Trump and, at the same time, finance a plan to revive economic growth and create jobs at home. The kingdom, which reiterated last week its commitment to balance its books by 2023, plans to increase spending by 7 percent this year.

We’ve seen material price deviations from these “desired” prices before.  Nonetheless they might be a good long term reference point.