As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 67.83 U.S. dollars per barrel as of August. This would be nine U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Time series data for the statistic Net_Trade_in_Goods_and_Services_USD and country Iceland. Indicator Definition:Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.The statistic "Net Trade in Goods and Services USD" stands at -352,775,323.77 United States Dollars as of 12/31/2024. Regarding the One-Year-Change of the series, the current value constitutes an decrease of -654,262,331.57 United States Dollars compared to the value the year prior.The 1 year change is -654,262,331.57 United States Dollars.The 3 year change is 42,130,280.82 United States Dollars.The 5 year change is -1,757,353,053.34 United States Dollars.The 10 year change is -1,529,284,445.79 United States Dollars.The Serie's long term average value is 95,056,190.48 United States Dollars. It's latest available value, on 12/31/2024, is -447,831,514.25 United States Dollars lower, compared to it's long term average value.The Serie's change in United States Dollars from it's minimum value, on 12/31/2006, to it's latest available value, on 12/31/2024, is +2,571,364,656.39 .The Serie's change in United States Dollars from it's maximum value, on 12/31/2016, to it's latest available value, on 12/31/2024, is -1,907,960,181.25 .

Time series data for the statistic Net_Trade_in_Goods_and_Services_USD and country Nepal. Indicator Definition:Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.The statistic "Net Trade in Goods and Services USD" stands at -26,877,558,987.32 United States Dollars as of 12/31/2024. Regarding the One-Year-Change of the series, the current value constitutes an increase of 2.60 percent compared to the value the year prior.The 1 year change in percent is 2.60.The 3 year change in percent is -85.70.The 5 year change in percent is -141.92.The 10 year change in percent is -322.16.The Serie's long term average value is -4,200,437,132.26 United States Dollars. It's latest available value, on 12/31/2024, is 539.88 percent lower, compared to it's long term average value.The Serie's change in United States Dollars from it's minimum value, on 12/31/2022, to it's latest available value, on 12/31/2024, is +6,922,494,865.97 .The Serie's change in United States Dollars from it's maximum value, on 12/31/1976, to it's latest available value, on 12/31/2024, is -26,844,102,987.32 .

Time series data for the statistic Net_Trade_in_Goods_and_Services_USD and country Cyprus. Indicator Definition:Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.The statistic "Net Trade in Goods and Services USD" stands at 1,317,833,476.31 United States Dollars as of 12/31/2024. Regarding the One-Year-Change of the series, the current value constitutes an increase of 951,942,736.76 United States Dollars compared to the value the year prior.The 1 year change is 951,942,736.76 United States Dollars.The 3 year change is -71,298,473.50 United States Dollars.The 5 year change is 1,060,225,917.46 United States Dollars.The 10 year change is 1,081,578,002.07 United States Dollars.The Serie's long term average value is -217,994,872.24 United States Dollars. It's latest available value, on 12/31/2024, is 1,535,828,348.55 United States Dollars higher, compared to it's long term average value.The Serie's change in United States Dollars from it's minimum value, on 12/31/2008, to it's latest available value, on 12/31/2024, is +4,889,897,421.16 .The Serie's change in United States Dollars from it's maximum value, on 12/31/2021, to it's latest available value, on 12/31/2024, is -71,298,473.50 .

Time series data for the statistic Net_Trade_in_Goods_and_Services_USD and country Bangladesh. Indicator Definition:Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.The statistic "Net Trade in Goods and Services USD" stands at -21,150,872,014.01 United States Dollars as of 12/31/2024. Regarding the One-Year-Change of the series, the current value constitutes a decrease of -48.04 percent compared to the value the year prior.The 1 year change in percent is -48.04.The 3 year change in percent is 41.26.The 5 year change in percent is -9.75.The 10 year change in percent is -74.52.The Serie's long term average value is -6,894,594,884.67 United States Dollars. It's latest available value, on 12/31/2024, is 206.77 percent lower, compared to it's long term average value.The Serie's change in United States Dollars from it's minimum value, on 12/31/2021, to it's latest available value, on 12/31/2024, is +14,857,334,249.17 .The Serie's change in United States Dollars from it's maximum value, on 12/31/1976, to it's latest available value, on 12/31/2024, is -20,670,265,749.06 .

In 2024, the net trade in goods and services in Pakistan stood at ************** U.S. dollars. Between 1976 and 2024, the figure dropped by ************* U.S. dollars, though the decline followed an uneven course rather than a steady trajectory.

The gross savings in Pakistan stood at ************* U.S. dollars in 2023. Between 1976 and 2023, the gross savings rose by ************* U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend.