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.

Discover the factors that influenced the fluctuations in crude oil prices in 2017, including supply and demand dynamics, geopolitical events, and environmental factors. Learn about the impact of OPEC production cuts, increasing shale oil production, tensions in the Middle East, and natural disasters. Understand the price range and the overall volatility experienced throughout the year.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

This dataset contains historical daily price data for WTI (West Texas Intermediate) and Brent Crude Oil futures contracts. The data spans from April 5, 2017, to April 10, 2024, and includes key pricing information such as opening, closing, high, low, average prices, and volume for each trading day. The data was sourced using the Interactive Brokers API and includes futures contract details for both WTI and Brent Crude Oil traded on the NYMEX exchange. This dataset can be used for time series analysis, forecasting, and other financial applications related to the oil market.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-11-03 about crude, oil, Europe, commodities, and price.

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.

Crude Oil: Avg Price: Canada Light Sweet Edmonton data was reported at 486.160 CAD/Cub m in 27 Aug 2018. This records an increase from the previous number of 484.930 CAD/Cub m for 24 Aug 2018. Crude Oil: Avg Price: Canada Light Sweet Edmonton data is updated daily, averaging 411.520 CAD/Cub m from Sep 2016 (Median) to 27 Aug 2018, with 518 observations. The data reached an all-time high of 575.680 CAD/Cub m in 10 Jul 2018 and a record low of 330.050 CAD/Cub m in 22 Jun 2017. Crude Oil: Avg Price: Canada Light Sweet Edmonton data remains active status in CEIC and is reported by Kent Group Ltd.. The data is categorized under Daily Database’s Commodity Prices and Futures – Table CA.DP001: Average Price: Crude Oil.

This article explores the significant fluctuations in crude oil prices over the last 10 years, influenced by various factors such as global economic conditions, political events, supply and demand dynamics, and market speculation. It examines the peak in mid-2014, the decline in 2015-2016, the partial stabilization in 2017-2018, and the period of decline in 2018-2019. The article also discusses the unprecedented challenges faced by the oil market in 2020 due to the covid-19 pandemic, leading to historic low

Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Light 34 API data was reported at 52.590 USD/Barrel in 2017. This records an increase from the previous number of 40.960 USD/Barrel for 2016. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Light 34 API data is updated yearly, averaging 21.940 USD/Barrel from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 110.220 USD/Barrel in 2012 and a record low of 1.300 USD/Barrel in 1970. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Light 34 API data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices.

Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Heavy 27 API data was reported at 51.050 USD/Barrel in 2017. This records an increase from the previous number of 38.360 USD/Barrel for 2016. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Heavy 27 API data is updated yearly, averaging 25.200 USD/Barrel from Dec 1985 (Median) to 2017, with 33 observations. The data reached an all-time high of 108.360 USD/Barrel in 2012 and a record low of 10.950 USD/Barrel in 1998. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Heavy 27 API data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices.

Russia Average Export Price: Crude Oil data was reported at 369.000 USD/Ton in 2017. This records an increase from the previous number of 289.000 USD/Ton for 2016. Russia Average Export Price: Crude Oil data is updated yearly, averaging 369.000 USD/Ton from Dec 1999 (Median) to 2017, with 19 observations. The data reached an all-time high of 754.000 USD/Ton in 2012 and a record low of 105.000 USD/Ton in 1999. Russia Average Export Price: Crude Oil data remains active status in CEIC and is reported by Federal Customs Service. The data is categorized under Russia Premium Database’s Prices – Table RU.PC005: Average Export Price: Annual.

Prices for most industrial commodities strengthened further in the first quarter (q/q), while global agricultural prices remained broadly stable. Crude oil prices are forecast to rise to an average of $55 per barrel (bbl) in 2017 from $43/ bbl in 2016. The oil forecast is unchanged since October 2016 and reflects balancing forces: upward pressure on prices from production cuts agreed by Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producing countries, and downward pressure from persistently high stocks, supported by the faster-than-expected rebound of the U.S. shale oil industry. Metals prices are projected to increase 16 percent as a result of strong demand in China and various supply constraints, including labor strikes and contractual disputes in the case of copper, and environmental and export policies for nickel. Agricultural commodity prices, which gained 1 percent in the first quarter, are anticipated to remain broadly stable in 2017, with moderate increases in oils and meals and raw materials offset by declines in grains and beverages.

Canada has abundant resources of crude oil, with an estimated remaining ultimate potential of 52.3 106m³ (329 billion barrels) as of December 2017. Of this, oil sands account for 92 per cent. There are two major producing areas in Canada, the Western Canada Sedimentary Basin, which includes Alberta, Saskatchewan and parts of British Columbia and Manitoba, and offshore eastern Canada. Oil is also produced in modest volumes in Ontario and the Northwest Territories. Although Canada was the 4th largest producer in the world in 2018, it produces only about five per cent of total daily production, so it does not have a major influence on the world oil prices. In 2018, 96 per cent of Canadian crude exports went to the U.S. The Canada Energy Regulator regulates the export of crude oil. Holders of export authorizations report monthly statistics on export activities. This dataset provides historical export volumes of crude oil (by year and month), and by either type of oil or by destination of export.

Thailand BOT Forecast: YoY: Fresh Food Prices data was reported at 1.900 % in 2017. This records a decrease from the previous number of 3.900 % for 2016. Thailand BOT Forecast: YoY: Fresh Food Prices data is updated yearly, averaging 2.900 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 16.000 % in 2013 and a record low of -10.900 % in 2015. Thailand BOT Forecast: YoY: Fresh Food Prices data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.P016: Crude Oil, Non Fuel, Fresh Food and Metal Price: Forecast: Bank of Thailand.

The Sri Lankan crude rapeseed oil market dropped sharply to $45K in 2024, declining by -49.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a abrupt decrease. Crude rapeseed oil consumption peaked at $310K in 2016; however, from 2017 to 2024, consumption failed to regain momentum.

After two years of decline, the Omani crude oil market increased by 875% to $801M in 2024. Overall, consumption, however, showed a deep contraction. Over the period under review, the market hit record highs at $7.4B in 2016; however, from 2017 to 2024, consumption failed to regain momentum.

Canada has abundant resources of crude oil, with an estimated remaining ultimate potential of 52.3 106m³ (329 billion barrels) as of December 2017. Of this, oil sands account for 92 per cent. There are two major producing areas in Canada, the Western Canada Sedimentary Basin, which includes Alberta, Saskatchewan and parts of British Columbia and Manitoba, and offshore eastern Canada. Oil is also produced in modest volumes in Ontario and the Northwest Territories. Although Canada was the 4th largest producer in the world in 2018, it produces only about five per cent of total daily production, so it does not have a major influence on the world oil prices. In 2018, 96 per cent of Canadian crude exports went to the U.S. The Canada Energy Regulator regulates the export of crude oil. Holders of export authorizations report monthly statistics on export activities. This dataset provides historical export volumes of crude oil (by year and month), and by either type of oil or by destination of export.

Thailand BOT Forecast: YoY: Non-fuel Commodity Prices data was reported at -0.300 % in 2018. This records a decrease from the previous number of 7.000 % for 2017. Thailand BOT Forecast: YoY: Non-fuel Commodity Prices data is updated yearly, averaging -1.850 % from Dec 2011 (Median) to 2018, with 8 observations. The data reached an all-time high of 17.700 % in 2011 and a record low of -17.500 % in 2015. Thailand BOT Forecast: YoY: Non-fuel Commodity Prices data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.P016: Crude Oil, Non Fuel, Fresh Food and Metal Price: Forecast: Bank of Thailand.

This table shows the consumption and producer prices of energy. Energy consumption figures for total energy commodities, natural gas, crude oil, hard coal and other energy commodities are primary consumption. Figures for electricity are final consumption. The figures for producer prices refer to energy available for domestic consumption. This is the price of producers or importers for the delivery of the energy product. Data is available from January 1995 up to December 2017 Status of the figures Energy consumption: All figures from 1995 up to 2014 are definite. Figures of 2015 up to 2016 are revised provisional and figures of 2017 are provisional. Producer price: All figures from 1995 up to July 2017 are definite. Figures from August 2017 are provisional. The status of the figures will not be changed, because this table has been discontinued. Changes as of January 31th 2019: None. This table has been discontinued. Because of the change of the baseline of the producer price index, this table cannot be continued. When will new figures be published? Not applicable anymore.