Form the graph above we can see that oil price production cost is different in every country or region. It depends on the geological setting of the oil reverse. The lowest one is Middle East production that have rig in onshore with $27 dollar per barel. And the highest one is on the artic which have rig off shore and need a lot of high technology to be installed with $75 dollar per barel. The price is indicated the the production cost to extract oil for every single oil barel (42 gallon, 160 liter) from earth to the surface. After this stage, the oil will go to refinery to make a lot of kind oil product.
Graph indicating price rises and falls over time and effects on each of the 3 hubs – WTI, Brent, Tapis
The historical of oil price to compare the today oil price and last decade one. The oil price until 2004 is still in less than 50 dollar per barrel for Brent crude. They rise after China developing their country and a lot of war in middle earth. High demand China for Oil and the lack survey because civil war in middle earth (Afghanistan, Libya and Iraq) make the oil price rise sharply. And stable in 120 dollar per barrel until in the middle 2014. We have sharp decline in this graphic at 2015. All of oil kind have same condition.
Production and consumption
From the graph above, we can see Middle East production is biggest than the region (30 million barrels daily), but the consumption is second smallest than the other (8 million barrels).