| Oil prices on Monday dipped below the US$100-a-barrel mark, threatening to pinch oil-dependent states’ budgets and getting closer to the level where Arabian Gulf swing producers feel pressured to curb supply. The European benchmark Brent fell below the psychological barrier for the first time in 14 months.
Already last Friday, the Opec crude oil basket price was at US$98.36 a barrel. While prices are still comfortably above the break-even point for the budgets of most Gulf countries, the majority of Opec’s 12 members require higher oil prices to meet their budget obligations. That includes countries that have the additional strain of internal conflict or external pressures, such as Iraq, Nigeria and Iran...............................................Full Article: Source
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