Oil's nearly 60 percent slide from a record of $147.27 in July to a low on Monday of $61.30 has very different implications for different members of the Organization of the Petroleum Exporting Countries.
Saudi Arabia and other Gulf producers can manage with a relatively low oil price and can also draw on funds accrued during the price boom, while Venezuela needs a much higher level.
The following are estimates from Washington-based consultancy PFC Energy of how much various OPEC countries need on average to balance their external accounts.
2000 2007 2008 2009 2010
Venezuela 26.54 81.01 90.96 99.88 102.68
Iran 12.42 49.73 57.32 86.33 83.31
S. Arabia 20.56 42.86 42.86 50.74 54.26
Kuwait 5.62 37.92 43.55 50.35 52.07
UAE 1.89 27.69 33.53 40.56 45.59
Algeria 21.24 14.27 16.85 17.94 30.85
Qatar 15.85 17.38 14.76 10.18 8.35
Saudi Arabia and other Gulf producers can manage with a relatively low oil price and can also draw on funds accrued during the price boom, while Venezuela needs a much higher level.
The following are estimates from Washington-based consultancy PFC Energy of how much various OPEC countries need on average to balance their external accounts.
2000 2007 2008 2009 2010
Venezuela 26.54 81.01 90.96 99.88 102.68
Iran 12.42 49.73 57.32 86.33 83.31
S. Arabia 20.56 42.86 42.86 50.74 54.26
Kuwait 5.62 37.92 43.55 50.35 52.07
UAE 1.89 27.69 33.53 40.56 45.59
Algeria 21.24 14.27 16.85 17.94 30.85
Qatar 15.85 17.38 14.76 10.18 8.35
