By Wael Mahdi -
Jul 26, 2013 6:25 PM GMT+0300
Bloomberg
http://www.bloomberg.com/news/2013-07-26/iran-needs-higher-oil-price-for-2013-budget-apicorp-says.html
Saudi Oil Minister Ali al-Naimi said on May 31 in Vienna that Brent at about $100 is a fair price. The kingdom’s budget is based on an average price of $75 a barrel and an export rate of 7.2 million barrels a day, Fahd bin Jumah, a member of the Shura Council that advises the king, wrote in Riyadh newspaper on July 23.
The break-even level represents the price wanted by the government and is usually different from the actual cost of production for oil.
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