Oil Falls Near $70 a Barrel, 16-Month Low, Alarming OPEC - NYTimes.com:

The drop in prices has already created problems for producers, who have become accustomed to high prices. Iran and Venezuela both need oil prices at $95 a barrel to balance their budgets, Russia needs $70, and Saudi Arabia needs $55 a barrel, according to Deutsche Bank estimates. Algeria’s oil minister, Chakib Khelil, estimated on Thursday that the "ideal" price for crude oil was $70 to $90 a barrel.


It would appear only one of these four countries really understands how markets and money works.

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