Production cost breakdown of one barrel of oil in the top oil producing nations 2015

Published by Statista Research Department, Nov 23, 2015

This statistic outlines the average cost to produce one barrel of oil in leading oil producing countries worldwide in 2015, by country and by expenditure. In that year, Kuwait had the lowest production costs per barrel of oil, at a total cost of 8.5 U.S. dollars per barrel of oil. Of that total cost, 3.7 U.S. dollars was capital expenditure costs, while the remaining 4.8 U.S. dollars was from operational expenditures.

Average cost to produce one barrel of oil in top oil producing countries worldwide in 2015 (in U.S. dollars per barrel)

Characteristic	Capital expenditure	Operational expenditure	Total cost
United Kingdom	21.8	30.7	52.5
Brazil	17.3	31.5	48.8
Canada	18.7	22.4	41
United States	21.5	14.8	36.2
Norway	24	12.1	36.1
Angola	18.8	16.6	35.4
Colombia	15.5	19.8	35.3
Nigeria	16.2	15.3	31.6
China	15.6	14.3	29.9
Mexico	18.3	10.7	29.1
Kazakhstan	16.3	11.5	27.8
Libya	16.6	7.2	23.8
Venezuela	9.6	13.9	23.5
Algeria	13.2	7.2	20.4
Russia	8.9	8.4	17.2
Iran	6.9	5.7	12.6
UAE	6.6	5.7	12.3
Iraq	5.6	5.1	10.7
Saudi Arabia	4.5	5.4	9.9
Kuwait	3.7	4.8	8.5

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Release date

November 2015

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Region

Worldwide

Survey time period

as of November 23, 2015

Supplementary notes

The data was compiled using data from more than 15,000 oil fields across 20 countries. The production costs were calculated by including a mix of capital expenditures and operational expenditures. Capital expenditures included the costs involved with building oil facilities, pipelines and new wells. Operational expenditures included the costs of lifting oil out of the ground, paying employee salaries and general administrative duties.
The capital expenditure and operational expenditure figures may not add up to the total cost figures due to rounding.

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