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5 Pages

Oil prices - production shut-ins and the cost curve

Oil prices - production shut-ins and the cost curve

Report summary

Analysis of our data for 2016 indicates that at US$35/bbl, 3.4 million b/d of oil costs more to produce than the revenues received. In practice, there has been minimal production shut-in so far in this downturn - less than 100,000 b/d, equivalent to 0.1% of global production.

What's included?

This report includes 2 file(s)

  • Oil Prices - production shut ins and the cost curve PDF - 431.29 KB 5 Pages, 0 Tables, 4 Figures
  • Woodmac production costs 2016.xls XLS - 716.50 KB


This Macroeconomics and Global Trends Insight report presents our research on this key topic, and draws out the implications for economies and commodity markets.

This report delivers a clear understanding of our unique global economic outlook and identify risks and uncertainties to watch out for.

Wood Mackenzie's global trends and macroeconomic analysis underpins all our commodity demand analysis, ensuring we continually deliver an integrated and consistent view.

Our comprehensive understanding of commodity markets gives us a unique insight into the pace of global development and the risks associated with it.

  • Executive summary
  • The production cost curve
  • Who has shut-in?
  • Barriers to shutting-in?
  • Methodology

In this report there are 4 tables or charts, including:

  • Executive summary
  • The production cost curve
    • Full operating cash cost curve
    • Detailed (>50 mb/d) operating cash cost curve
    • Oil production and operating cash cost by resource theme
    • Oil production with operating cash cost more than $35/bbl by country
  • Who has shut-in?
  • Barriers to shutting-in?
  • Methodology
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Wood Mackenzie, a Verisk Analytics business, has been a trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, empowering clients to make better strategic decisions with objective analysis and advice.

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