Check this commentary from ODAC newsletter May 20th and the part about the cost of running the Saudi State equating to US$91bbl - (might google it) - Its a good read.
"There appeared to be signs of growing panic behind the latest declaration from the International Energy Agency. The statement calls on oil producing countries to increase production and reduce costs in order to avert economic crisis. To date Opec members have been insisting that the market is well supplied and that prices are being driven by speculation. Saudi Arabia actually reduced production substantially in April on claimed lack of demand. However, it is becoming clear that high oil prices are currently attractive to Opec leaders confronted with social unrest as it allows them to increase subsidies and other financial transfers to their populations. As a result of recently increased payments to the population in Saudi Arabia the Centre for Global Energy Studies now estimates the cost of running the Saudi state equates to $91/barrel."
