By John Lee.
Iraq’s Ministry of Oil quotes a report by Rystad Energy as saying that Iraq has the world’s third-lowest-cost crude oil.
Kuwait came in lowest at $8.50 per barrel, with Saudi Arabia at $9.90, followed by Iraq at $10.70.
Fourth place went to UAE at $12.30, and Iran took fifth place with $12.60.
The United Kingdom was the most expensive at $52/barrel, followed by Brazil at $49 and Canada at $41.
The US cost averaged $36, and Russia $18.
(Source: Ministry of Oil)