Yesterday I made a WAG that Saudi oil cost about $35 when it reaches the refinery.
Your opinion please, am I even close?
There is some old stuff that probably cost that little. I don’t think their average is quite that low unless they quit trying to produce anything new. And any oil company, even Saudi Aramco, has to keep replacing reserves and those are not cheap these days.
If they don’t replace reserves, they are eventually going out of business. That field I linked above is no way near that cheap. Almost double would be my wild guess.
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