Most crude oil producers in the Middle East, Africa and the emerging economies of Europe (EEMEA) won’t be able to patch up their budgets this year, Fitch Ratings warned, forecasting an average price of $52.50 a barrel for the commodity in 2017, up from $45.10 a barrel for 2016. The exceptions are Kuwait, Qatar, and the Republic of Congo, all of which sport breakeven prices around the forecast 2017 average, with Kuwait actually having a breakeven level significantly below $52.50 a barrel at $45. For Qatar, the figure is $51 a barrel and for Congo it is $52 a barrel. Still, Fitch notes that the low breakeven price enjoyed by Kuwait is related not just to low production costs, but also to the high oil production rate per capita and the projected investment income from its sovereign wealth fund. Another 11 producing countries, however, need much higher oil prices, […]