In the last 12 months, the Oil prices has experienced a rally. After hitting a low of around 40 dollars in June 2017, the price of a barrel of Brent crude has almost doubled since then. The most important exporters of crude oil will meet tomorrow in Vienna to discuss their upcoming strategies and price targets, but their starting positions are quite different.
The infographic, which is based on an analysis by Bloomberg shows that there is a large gap between the barrel prices that each country would consider satisfactory for its budget requirements. Countries with a more robust extractive industry, such as Russia or Kazakhstan, would like to expand their drilling. Countries whose production has been affected by political instability, such as Libya or Venezuela, would prefer to maintain export quotas for the time being.
Despite previous disagreements between Iran and Saudi Arabia, an agreement on an increase in production - albeit a small one - seems possible. Dependence on oil is key to defining each country's interests: Venezuela and Iran are particularly reluctant to cause a drop in prices. The new US sanctions against Iranian crude oil exports following Donald Trump's decision to withdraw from the nuclear deal also characterise the country's position and its rejection of other countries' strategies OPEC members .
You can find more infographics at Statista
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