“Prior to its $130 billion social-spending spree, Saudi Arabia needed oil prices somewhere north of $70 to balance the kingdom’s budget, according to the International Monetary Fund. Now the per-barrel cost is reportedly approaching $100. Russia needs something close to $120.  Social costs also play a similarly large role in Bahrain, Kuwait, Venezuela, Iran and elsewhere, where oil revenue accounts for up to 90% of domestic income.  The United Arab Emirates, for instance, needs oil prices in the $85 range to balance a budget larded with social programs. Tiny Bahrain needs about $119.”

http://sovereign-investor.com/2012/12/18/oil-prices-are-headed-higher/

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