As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight 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 a 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.

Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

Learn about the cost of oil production per barrel in different countries, including Saudi Arabia, Iran, Iraq, United States, Canada, and Venezuela. Find out how factors such as geological conditions, extraction methods, labor costs, infrastructure development, and government policies contribute to these variations and impact the profitability of oil production.

On July 7, 2025, the Brent crude oil price stood at 69.62 U.S. dollars per barrel, compared to 67.93 U.S. dollars for WTI oil and 69.92 U.S. dollars for the OPEC basket. Prices rose slightly that week, following signs of an increase in demand.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Russia Average World Price: Crude Oil: Urals: per 1 Barrel data was reported at 91.200 USD/Barrel in Mar 2019. This records an increase from the previous number of 80.700 USD/Barrel for Feb 2019. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data is updated monthly, averaging 58.745 USD/Barrel from Jun 2000 (Median) to Mar 2019, with 226 observations. The data reached an all-time high of 129.710 USD/Barrel in Jul 2008 and a record low of 18.200 USD/Barrel in Nov 2001. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

The cost of refining crude oil per barrel can vary depending on various factors such as the type of crude oil, the complexity of the refinery, location, and market conditions. This article explores the main factors that affect the cost of refining and provides insights into the average range of $3 to $5 per barrel. However, it emphasizes that actual costs can differ significantly due to specific circumstances.

US oil production costs per barrel vary depending on factors such as location, type of crude oil, technology used, and economies of scale. Onshore drilling costs range from $20 to $50, while offshore costs can range from $50 to $100 or more. Light crude oil is easier to extract and costs $20 to $60, while heavy crude oil costs $30 to $70. Advanced drilling technologies can lower costs to $30 to $60. Economies of scale can further reduce costs. Production cost figures are estimates and can vary due to market

Romania RO: Crude Oil Production: Average Price per Barrel data was reported at 70.754 USD/Barrel in Feb 2025. This records a decrease from the previous number of 74.377 USD/Barrel for Jan 2025. Romania RO: Crude Oil Production: Average Price per Barrel data is updated monthly, averaging 71.818 USD/Barrel from Jan 2020 (Median) to Feb 2025, with 62 observations. The data reached an all-time high of 115.271 USD/Barrel in Jun 2022 and a record low of 16.904 USD/Barrel in Apr 2020. Romania RO: Crude Oil Production: Average Price per Barrel data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s Romania – Table RO.Eurostat: Crude Oil Supply: by Energy Balance and Indicator.

In May 2025, the average price of one barrel of Brent crude oil was 64.45 U.S. dollars. This was nearly four U.S. dollars below prices the previous month and the lowest value in the past 24-month period, as demand for oil was expected to stagnate in the coming months. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

United States Crude Oil Price: EIA: FOB Cost of Imports: Persian Gulf Nations data was reported at 69.280 USD/Barrel in Aug 2018. This records a decrease from the previous number of 70.190 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: FOB Cost of Imports: Persian Gulf Nations data is updated monthly, averaging 25.390 USD/Barrel from Oct 1973 (Median) to Aug 2018, with 497 observations. The data reached an all-time high of 124.370 USD/Barrel in Jun 2008 and a record low of 3.160 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: FOB Cost of Imports: Persian Gulf Nations data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

WTI oil prices in , May, 2025 For that commodity indicator, we provide data from January 1982 to May 2025. The average value during that period was 46.19 USD per barrel with a minimum of 11.31 USD per barrel in December 1998 and a maximum of 133.93 USD per barrel in June 2008. | TheGlobalEconomy.com

United States Crude Oil Price: EIA: Landed Cost of Imports: Canada data was reported at 57.310 USD/Barrel in Aug 2018. This records a decrease from the previous number of 59.000 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: Landed Cost of Imports: Canada data is updated monthly, averaging 25.060 USD/Barrel from Oct 1973 (Median) to Aug 2018, with 539 observations. The data reached an all-time high of 122.830 USD/Barrel in Jul 2008 and a record low of 4.820 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: Landed Cost of Imports: Canada data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

Ecuador Crude Oil: Price: Average: Petroleum WTI data was reported at 54.680 USD/Barrel in Jun 2019. This records a decrease from the previous number of 60.730 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Petroleum WTI data is updated monthly, averaging 75.215 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 109.890 USD/Barrel in Apr 2011 and a record low of 30.330 USD/Barrel in Feb 2016. Ecuador Crude Oil: Price: Average: Petroleum WTI data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

Learn about the factors that contribute to the cost of oil refining, including crude oil acquisition, refining operations, maintenance, labor, and other overhead costs. Understand how the price of crude oil, refining processes, and regional factors can impact the overall cost of refining a barrel of oil.

According to a 2025 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of ** U.S. dollars per barrel in order to profitably drill a new well. This compared to a minimum breakeven price of ** U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between ** and ** U.S. dollars per barrel around the time of the survey. Most productive oil basins Operators in shale basins have the lowest average breakeven prices for new wells. However, when it comes to existing wells, operators in the Permian (Delaware) basin can afford even lower oil prices. The Permian basin, located in Texas and New Mexico, accounts for the greatest U.S. oil production output of any region. In 2024, production in the Permian reached nearly *********** barrels per day - more than **** times the amount extracted from the neighboring Eagle Ford rock formation. Texas is leading oil producing state With both regions located in Texas, it is not surprising that this is also the leading crude oil producing U.S. state. Nearly two billion barrels worth of crude oil were extracted in Texas per year, far more than any other state. Texas is home to a total of five major oil and gas formations.

Ecuador Crude Oil: Price: Average: Oriente data was reported at 57.272 USD/Barrel in Jun 2019. This records a decrease from the previous number of 62.779 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Oriente data is updated monthly, averaging 69.726 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 113.748 USD/Barrel in Apr 2012 and a record low of 23.254 USD/Barrel in Jan 2016. Ecuador Crude Oil: Price: Average: Oriente data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

This statistic outlines the average cost to produce one barrel of oil in leading oil producing countries worldwide in 2015, by country and by expenditure. In that year, Kuwait had the lowest production costs per barrel of oil, at a total cost of 8.5 U.S. dollars per barrel of oil. Of that total cost, 3.7 U.S. dollars was capital expenditure costs, while the remaining 4.8 U.S. dollars was from operational expenditures.

Ecuador Crude Oil: Price: Average: Oriente & Napo data was reported at 55.342 USD/Barrel in Jun 2019. This records a decrease from the previous number of 60.840 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Oriente & Napo data is updated monthly, averaging 67.265 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 112.454 USD/Barrel in Mar 2012 and a record low of 21.744 USD/Barrel in Jan 2016. Ecuador Crude Oil: Price: Average: Oriente & Napo data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.