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The | {{Orphan|date=February 2009}} | ||
The '''magic number''' is a term in [[economics]] that denotes the price of [[crude oil]] (measured in dollars per [[barrel]]) at which a crude oil exporting economy runs a deficit. | |||
Some countries support almost all spending from income derived from oil exports. As the price of oil drops, these countries take in less [[revenue]] from oil. The magic number denotes the point at which the revenue from oil is no longer sufficient to pay for spending. Mathematically, this can be expressed by the [[inequality (mathematics)|inequality]]: | |||
:<math>Q \times P > S</math> | |||
where Q is the quantity of oil exported, P is the price, and S is spending. The magic number is the value of P at which this inequality no longer holds true - that is, that the economy runs a deficit. | |||
PFC Energy publishes the magic number for all the [[OPEC]] nations. | |||
"[[Qatar]] is at $21 a barrel, because it brings in much more oil money than it spends. [[Saudi Arabia]]'s break-even point is at $49 a barrel. And [[Venezuela]] is at $58, second only to [[Nigeria]]'s $65."<ref>[http://marketplace.publicradio.org/display/web/2007/10/30/venezuela_magic_number Chavez puts Venezuela's future on oil]</ref> | |||
== See also == | |||
* [[Peak oil]] | |||
==References== | |||
{{Reflist}} | |||
[[Category:Petroleum economics]] | |||
{{economics-stub}} | |||
Revision as of 12:34, 15 January 2014
Template:Orphan The magic number is a term in economics that denotes the price of crude oil (measured in dollars per barrel) at which a crude oil exporting economy runs a deficit.
Some countries support almost all spending from income derived from oil exports. As the price of oil drops, these countries take in less revenue from oil. The magic number denotes the point at which the revenue from oil is no longer sufficient to pay for spending. Mathematically, this can be expressed by the inequality:
where Q is the quantity of oil exported, P is the price, and S is spending. The magic number is the value of P at which this inequality no longer holds true - that is, that the economy runs a deficit.
PFC Energy publishes the magic number for all the OPEC nations.
"Qatar is at $21 a barrel, because it brings in much more oil money than it spends. Saudi Arabia's break-even point is at $49 a barrel. And Venezuela is at $58, second only to Nigeria's $65."[1]
See also
References
43 year old Petroleum Engineer Harry from Deep River, usually spends time with hobbies and interests like renting movies, property developers in singapore new condominium and vehicle racing. Constantly enjoys going to destinations like Camino Real de Tierra Adentro.