In particular, for new onshore oil projects in Russia, the cost of oil is estimated at about $ 42 per barrel of Brent grade, and for offshore projects - at $ 44. Saudi Arabia and Kuwait can boast the lowest costs associated with crude production, where the cost to producers of extracting oil is only about $17 per barrel.
Thus, the cost of oil production in Russia is more expensive than in the entire Middle East, in Nigeria and Venezuela (onshore projects), as well as in the UK and the USA (offshore fields).
Rosstat reported that the country’s total oil production cost in the 2nd quarter of 2019 amounted to 2,508 RUB per barrel, or $31.9 in line with the average exchange rate for the quarter.
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