In the last 12 months, the Oil prices experienced a rally. After a low of around $40 in June 2017, the price for a barrel of Brent crude has almost doubled since then. The most important crude oil exporters are meeting tomorrow in Vienna to discuss their upcoming strategies and price targets, but their starting positions are quite different.
The infographic, which focuses on an analysis of Bloomberg supports, shows that there is a large gap between the barrel prices that each country would consider satisfactory for its domestic needs. Countries with a more robust extractive industry, such as Russia or Kazakhstan, would like to expand their drilling. Countries whose production has been affected by political instability, like Libya or Venezuela, would prefer to maintain export quotas for now.
Despite previous disagreements between Iran and Saudi Arabia, an agreement on a, albeit slight, increase in production appears possible. Dependence on oil is key to defining the interests of individual countries: Venezuela and Iran are particularly hesitant to bring about a price fall. New US sanctions against Iranian crude oil exports, after Donald Trump's decision to withdraw from the nuclear deal, also shape the country's position and its resistant stance towards the strategies of others. OPEC members .
Further infographics can be found at Statista