Iraq has World’s 3rd Lowest Oil Production Costs

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)

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