Friday, October 31, 2014

From CNN Money: These countries are getting killed by cheap oil

"The price is not right for many oil rich nations.

Oil is selling for roughly $83 a barrel on the global market. That's bad news for Iran, Nigeria, Venezuela, Russia, and Saudi Arabia, among others. They need the black stuff to trade at far loftier levels in order to balance their budgets.

Iran's budget, for example, is built on oil at $135 dollars per barrel, according to data from Deutsche Bank and Thomson Reuters compiled by DoubleLine Capital.

Russia has oil budgeted at $100, while Saudi Arabia will break even at $95 per barrel. "

Read the full article here.

I smile every time I fill up my car with gas here in Massachusetts and see the falling prices at the pump. However, the ramifications on a global scale are interesting never cross my mind, but they are very interesting. Read the article to find out more.