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Higher Breakeven Price Comes At Bad Time For Saudis

Saudi Arabia

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. EV sales at record high

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- Sales of EVs and plug-in hybrid electric vehicles soared in the third quarter of this year, jumping 63 percent compared to the third quarter of 2015.
- Combined, about 45,000 EVs and plug-ins were sold in the U.S. in the third quarter. That is also up 20 percent from just the second quarter of 2016. Tesla (NYSE: TSLA) led the way, selling 24,500 vehicles.
- More than half a million EVs are currently used on American roadways.
- Sales are expected to continue to rise as costs fall. Battery costs have declined by 73 percent since 2008, falling to just $268 per kilowatt-hour, according to the FT. EVs are expected to hit price parity with conventional cars when battery costs drop to $100/kilowatt-hour, which many expect to happen in the early 2020s.
- Chevy is expected to release its all-electric Bolt by the end of the year and Tesla is set to release its Model 3 next year.

2. Saudi breakeven price higher than thought

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- The IMF sharply revised up its estimate for the oil price that Saudi Arabia needs for its budget to breakeven.
- In April, the IMF projected…

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