The global cost of producing newly discovered petroleum resources fell to $47/bbl

On November 17, Rystad Energy's annual supply cost analysis showed that newly discovered oil production costs were lower
in 2021 due to a significant drop in production costs in the upstream sector.
The average break-even price for new oil projects is down about 8 percent from 2020 and 40 percent from 2014 to around
$47/bbl.
Of the newly discovered resources, the Middle East has the lowest cost of producing onshore resources, with an average break-even price of about $32 per barrel
.
Deepwater oil and gas remains one of the lowest-cost sources of new supply, with an average break-even price of $36 per barrel
for deepwater oil.
Shallow water resources have the greatest development potential, with reserves of about 126 billion barrels
.
Due to Russia's high taxes, the breakeven price of the country's onshore oil resources is second only to the most expensive oil sands
.