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 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.

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.

Sri Lanka Petroleum Price: Average: Crude Oil data was reported at 8,817.000 LKR/Barrel in 2017. This records an increase from the previous number of 6,757.000 LKR/Barrel for 2016. Sri Lanka Petroleum Price: Average: Crude Oil data is updated yearly, averaging 3,803.000 LKR/Barrel from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 14,416.000 LKR/Barrel in 2012 and a record low of 803.000 LKR/Barrel in 1992. Sri Lanka Petroleum Price: Average: Crude Oil data remains active status in CEIC and is reported by Central Bank of Sri Lanka. The data is categorized under Global Database’s Sri Lanka – Table LK.P008: Petroleum Price.

Sri Lanka Petroleum Price: Average: Crude Oil: USD data was reported at 57.790 USD/Barrel in 2017. This records an increase from the previous number of 46.300 USD/Barrel for 2016. Sri Lanka Petroleum Price: Average: Crude Oil: USD data is updated yearly, averaging 37.480 USD/Barrel from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 114.000 USD/Barrel in 2012 and a record low of 13.470 USD/Barrel in 1998. Sri Lanka Petroleum Price: Average: Crude Oil: USD data remains active status in CEIC and is reported by Central Bank of Sri Lanka. The data is categorized under Global Database’s Sri Lanka – Table LK.P008: Petroleum Price.

NN: OPEC: SCOP: Average: Congo: Djeno data was reported at 78.520 USD/Barrel in Oct 2018. This records an increase from the previous number of 76.180 USD/Barrel for Sep 2018. NN: OPEC: SCOP: Average: Congo: Djeno data is updated monthly, averaging 64.080 USD/Barrel from Jun 2017 (Median) to Oct 2018, with 17 observations. The data reached an all-time high of 78.520 USD/Barrel in Oct 2018 and a record low of 44.300 USD/Barrel in Jun 2017. NN: OPEC: SCOP: Average: Congo: Djeno data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries. The data is categorized under World Trend Plus’s Association: Oil and Gas Sector – Table RO.OPEC.CO: Crude Oil Price: Monthly.

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.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.

Graph and download economic data for Producer Price Index by Industry: Oilseed Processing: Crude Soybean Oil, Degummed (DISCONTINUED) (PCU311224311224111) from May 1988 to Dec 2017 about processed, crude, oil, PPI, industry, inflation, price index, indexes, price, and USA.

Mexico Crude Oil Export Price: by Type: Olmeca data was reported at 50.752 USD/Barrel in Aug 2017. This records an increase from the previous number of 47.397 USD/Barrel for Jul 2017. Mexico Crude Oil Export Price: by Type: Olmeca data is updated monthly, averaging 31.919 USD/Barrel from Jan 1990 (Median) to Aug 2017, with 330 observations. The data reached an all-time high of 137.618 USD/Barrel in Jul 2008 and a record low of 10.318 USD/Barrel in Dec 1998. Mexico Crude Oil Export Price: by Type: Olmeca data remains active status in CEIC and is reported by Petroleos Mexicanos. The data is categorized under Global Database’s Mexico – Table MX.P001: Crude Oil Price.

This statistic depicts the average annual prices for palm oil from 2014 through 2027*. In 2025, the average price for palm oil stood at 1,020 nominal U.S. dollars per metric ton.

Raw materials price index (RMPI) by North American Product Classification System (NAPCS) 2017 Version 2.0. Monthly data are available from January 1981. The table presents data for the most recent reference period and the last four periods. The base period for the index is (202001=100).

Kazakhstan Purchase Price Index: MR: MQ: EM: Crude Oil & Natural Gas data was reported at 109.000 Prev Dec=100 in 2017. This records an increase from the previous number of 104.900 Prev Dec=100 for 2016. Kazakhstan Purchase Price Index: MR: MQ: EM: Crude Oil & Natural Gas data is updated yearly, averaging 108.900 Prev Dec=100 from Dec 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 134.700 Prev Dec=100 in 2008 and a record low of 97.000 Prev Dec=100 in 2002. Kazakhstan Purchase Price Index: MR: MQ: EM: Crude Oil & Natural Gas data remains active status in CEIC and is reported by The Agency of Statistics of the Republic of Kazakhstan. The data is categorized under Global Database’s Kazakhstan – Table KZ.I028: Purchase Price Index: Previous December=100.

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.

Mexico Crude Oil Export Price: by Region: America: Olmeca data was reported at 53.874 USD/Barrel in Apr 2017. This records an increase from the previous number of 51.410 USD/Barrel for Mar 2017. Mexico Crude Oil Export Price: by Region: America: Olmeca data is updated monthly, averaging 31.602 USD/Barrel from Jan 1990 (Median) to Apr 2017, with 325 observations. The data reached an all-time high of 137.618 USD/Barrel in Jul 2008 and a record low of 10.318 USD/Barrel in Dec 1998. Mexico Crude Oil Export Price: by Region: America: Olmeca data remains active status in CEIC and is reported by Petroleos Mexicanos. The data is categorized under Global Database’s Mexico – Table MX.P001: Crude Oil Price.

United States - Producer Price Index by Industry: Oilseed Processing: Crude Soybean Oil, Degummed (DISCONTINUED) was 184.40000 Index May 1988=100 in December of 2017, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Oilseed Processing: Crude Soybean Oil, Degummed (DISCONTINUED) reached a record high of 293.00000 in September of 2012 and a record low of 50.50000 in February of 2001. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Oilseed Processing: Crude Soybean Oil, Degummed (DISCONTINUED) - last updated from the United States Federal Reserve on November of 2025.

Graph and download economic data for Producer Price Index by Industry: Petroleum Refineries: Light Fuel Oils (DISCONTINUED) (PCU324110324110AY) from Jan 1947 to Dec 2017 about refineries, petroleum, fuels, oil, PPI, industry, inflation, price index, indexes, price, and USA.

Gasoline Prices in Pakistan remained unchanged at 0.94 USD/Liter in November. This dataset provides the latest reported value for - Pakistan Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.