You are comparing Apples with Oranges in order to claim a win...Lol
Nonetheless, Venezula average cost of production is still very low compared to other countries - due to LOW WAGES. Its ONLY $20 to $25 p/b. Go on check it out.
I never said they weren't low av cost of production. I simply pointed out you were comparing Apples with Oranges.
Hey, knock yourself out. If you want to highlight (cherry-pick) certain sections but not read the others. That is your choice.
For example, out of your note from Carnegie -it quoted $20p/b before taxes and duties (just above your own highlight). But you ONLY highlighted net $32 p/b (including taxes).
And here is my original quote to compare:
Got news for ya.Their average cost of production from Russian Urals is around $30 per barrels- and they were still making lots of money when prices were hovering around $40 p/b, during the Covid crisis.
No reason why they are NOT making money now, at current prices.
And in 2022, they were raking in so much money, they used the surplus to pay down their debts!!!
Now, until the Russian Gov releases the actual update on the average cost of production, which they won't (they certainly don't want the EU to lower the price cap, do they?), all we can do, as can be seen, from a wide range of "estimates" - from $20 p/b (before taxes) to $44 with taxes, is make best estimates.
