7 Countries that Offer Lower Cost of Oil on Average as of 2024

7 Kuwait

OPEC member: Kuwaits membership in OPEC allows it to benefit from some level of control over global oil production and pricing.

6 Iraq

Significant oil reserves: Iraq holds considerable oil reserves, offering potential for lower domestic oil prices.

5 Saudi Arabia

Worlds largest oil exporter: Saudi Arabias position as the worlds largest oil exporter gives it significant influence over global oil prices. However, domestic prices can vary depending on government policies and economic factors.

4 Iran

OPEC member: As a member of OPEC, Iran influences global oil production and pricing to some extent.

3 Kazakhstan

Significant oil reserves: Kazakhstan possesses substantial oil reserves, potentially offering lower oil prices domestically compared to many other countries.

2 Russia

Major oil producer: Russias position as a major global oil producer contributes to its ability to offer competitive domestic oil prices.

1 Venezuela

Vast oil reserves: Boasting the worlds largest proven oil reserves, Venezuela has the potential for lower domestic oil prices.