TRENDS IN OIL PRODUCTION COSTS IN THE MIDDLE EAST, ELSEWHERE

Thomas R. Stauffer International oil/finance consultant Washington, D.C. This article focuses on the costs of oil production in the major areas of the world, including OPEC and non-OPEC countries. The question of production costs has become even more important since 1986, when the Saudis unilaterally undercut the oil price. Previously, costs were less important; $30 oil could be profitably found and produced in 1980-when the price was $33. So $20 oil was quite unattractive as long as the oil

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