Brent Above $100 Exposes Cost Gap Between OPEC+ Producers

OPEC+ held October production quotas steady at its September meeting, following the completion of the rollback of 1.65 million barrels per day of voluntary cuts introduced in 2023.

The decision has boosted revenue for producers selling unhedged barrels, with Brent trading above $100 per barrel as of September 10th.

However, not all producers benefit equally from the price surge, as unit production costs vary widely among major players.

Santos reported a unit cost of $7.53 per barrel of oil equivalent, while Karoon Energy's first-half unit cost was more than double at $18.80 per boe.