How much it costs to produce a barrel of oil in these 7 countries

With the price of oil trading at around $42 per barrel, many countries are experiencing economic downturns. Canada, Venezuela, Russia, Saudi Arabia and a couple of others are seeing their government revenues diminishing. Some are looking to diversify their economies, while others are just weathering the storm.

But how much does it cost to produce a barrel of oil in places like Canada and the United States? Here is a list:

– Canada: $41

– U.S.: $36

– United Kingdom: $52.50

– Brazil: $49

– Saudi Arabia: $10

– Kuwait: $10

– Iraq: $10.70

Saudi Arabia is facing bankruptcy if the government doesn’t produce austerity measures and reform its social programs (SEE: IMF warns Saudi Arabia to become bankrupt by 2020). The International Monetary Fund (IMF) warned that countries in the Middle East will run out of cash in just five years, while Venezuela will be bankrupt in a few months if it doesn’t pay off its debts (SEE: ‘Socialist Paradise’ Venezuela running out of money, begins to sell gold reserves).