Falling crude oil price
A look at its impact on producers and consumers
Globally, crude oil prices have dropped dramatically this year, as the market is oversupplied.
OPEC supply/demand balance
The impact of the falling oil prices on an individual economy is determined by whether the country is a net exporter (producer) or a net importer (consumer), and by the strength of its currency against the dollar.
Oil price and foreign exchange (percentage change in the last 12 months)
Lower oil prices place pressure on producing countries’ budgets. More than half of OPEC countries are now below their break-even points —the minimum oil price needed to meet expenditures.
OPEC breakeven oil prices
*Saudi riyal, UAE dirham, and Qatari riyal are pegged to the U.S. dollar.
Sources: Thomson Reuters Datastream, IEA. Nov. 27 data for oil price and foreign exchange. Graphics by Vincent Flasseur/Reuters