File - A general view of Tesoro's Los Angeles refinery in Los Angeles, California October 10, 2014. REUTERS/Lucy Nicholson
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Here's why the U.S. shale upstarts just might win a confrontation with Saudi Arabia as oil sinks: While the Arab nation is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly.Those financial strains have Venezuela calling for action to prevent further price declines while a Libyan representative said the 12-member Organization of Petroleum Exporting Countries should cut its oil output target. Shale oil drillers will be hurt by the fall in crude prices before members of OPEC because their costs are higher, said the group's secretary-general, Abdalla al-Badri.The average price of OPEC's main export grades fell below $80 a barrel for the first time in four years on Nov. 4, the group said by email.The country needs a Brent price of $126 to balance its budget, Deutsche Bank said.Libya's OPEC governor, Samir Kamal, said by email on Oct. 25 that the group should cut its daily output target to 29.5 million barrels from 30 million to support prices.
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