Some oil is already selling for less than $20 a barrel

Sub 20 dollar oil sellers

While most of the world’s oil is still selling in the $29 range, there are some markets where 12-year lows have sent the cost of barrel below $20-a-barrel.

It should be noted that the regions listed below sell “sour” grades of oil, which is less favored because of higher-quality “light” oils found in other regions.

Here are the sub-$20 oil sellers according to Reuters:

 

Sub 20 dollar oil sellers

 

The big losers in the current market are sellers in Mexico, Venezuela, Canada, and Iraq.

Some cargoes of heavy Mexican crude are now available for less than $13 a barrel. Those oils sell for less money because they are more difficult to refine.

Oil prices have slumped by more than 20% since the start of the year, which has placed more pressure on already cheap oil options.

Western Canadian Select — one of North America’s largest heavy crude oil streams — can now be purchased for less than $15. However, producers need a price above $43 to make money from the product.

The low price of Mexican crude has led to a record volume purchase of the product from Asian oil importers who are willing to spend the extra money to refine the product when it can be purchased as record lows.