As of June 2025, the average annual price of Brent crude oil stood at 71.91 U.S. dollars per barrel. This is over 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 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.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.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 (where a contract is agreed upon while 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.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. 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.

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.

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.

Mexico Crude Oil Export Price: by Region: Europe: 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 Region: Europe: Olmeca data is updated monthly, averaging 46.507 USD/Barrel from Sep 1990 (Median) to Aug 2017, with 41 observations. The data reached an all-time high of 108.196 USD/Barrel in Jun 2014 and a record low of 19.805 USD/Barrel in Jan 1991. Mexico Crude Oil Export Price: by Region: Europe: 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.

Russia Avg Producer Price: OKPD2: Energy: Crude Oil data was reported at 18,161.830 RUB/Ton in Dec 2020. This records an increase from the previous number of 17,041.750 RUB/Ton for Nov 2020. Russia Avg Producer Price: OKPD2: Energy: Crude Oil data is updated monthly, averaging 18,193.455 RUB/Ton from Jan 2017 (Median) to Dec 2020, with 48 observations. The data reached an all-time high of 25,535.580 RUB/Ton in Nov 2018 and a record low of 4,094.660 RUB/Ton in May 2020. Russia Avg Producer Price: OKPD2: Energy: Crude Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.RBL008: Average Producer Price: Energy. [COVID-19-IMPACT]

Russia Avg Purchasing Price: OKPD2: Crude Oil data was reported at 19,869.030 RUB/Ton in Dec 2018. This records a decrease from the previous number of 23,300.040 RUB/Ton for Nov 2018. Russia Avg Purchasing Price: OKPD2: Crude Oil data is updated monthly, averaging 20,811.005 RUB/Ton from Jan 2017 (Median) to Dec 2018, with 24 observations. The data reached an all-time high of 32,136.950 RUB/Ton in Sep 2018 and a record low of 15,422.230 RUB/Ton in Jun 2017. Russia Avg Purchasing Price: OKPD2: Crude Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.RBL011: Average Purchasing Price: Energy.

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.

Egypt Industrial Factor Price: Avg: Petroleum, Coal & Related Pdts: Crude Oil data was reported at 762,150.000 0.01 EGP/Ton in Oct 2017. This records an increase from the previous number of 697,700.000 0.01 EGP/Ton for Jul 2017. Egypt Industrial Factor Price: Avg: Petroleum, Coal & Related Pdts: Crude Oil data is updated quarterly, averaging 225,222.000 0.01 EGP/Ton from Jan 1995 (Median) to Oct 2017, with 92 observations. The data reached an all-time high of 762,150.000 0.01 EGP/Ton in Oct 2017 and a record low of 19,676.000 0.01 EGP/Ton in Oct 1998. Egypt Industrial Factor Price: Avg: Petroleum, Coal & Related Pdts: Crude Oil data remains active status in CEIC and is reported by Central Agency for Public Mobilization and Statistics. The data is categorized under Global Database’s Egypt – Table EG.P004: Average Industrial Factor Price.

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).

In recent years, the international community has witnessed many crisis events, and the Russia-Ukraine war, which broke out on 24th February 2022, has increased international policy uncertainty and impacted the current world commodity and financial markets. Thus, we try to capture how the Russia-Ukraine war has affected the correlation structure of international commodity and stock markets. We study six groups of commodity daily returns and one group of stock daily returns and select the sample from 24th February 2022 to 1st June 2022 as the sample during the Russia-Ukraine war; in addition, we select the sample from 1st December 2019 to 31st December 2020 as the sample during COVID-19 control group, and the sample from 1st January 2014 to 31st December 2017 as the non-extreme event control group, to explore the correlation structure of international commodity and stock markets before the war, and to compare and uncover the impact of the uncertain event of the Russia-Ukraine war on the commodity and stock markets. In this paper, the marginal density function of each series is constructed using the ARMA-GARCH-std method, and the R-Vine copula model is built based on the marginal density function to analyze the correlation relationship between each market. From the Tree1 of the Vine copula, it is found that crude oil becomes the core connecting each commodity market and the stock market during the Russia-Ukraine war. The price fluctuations of crude oil may be contagious to agricultural and precious metal markets in the same direction, while the stock market price fluctuations are inversely correlated with commodity markets. Comparison with the selected control group sample reveals that the Russia-Ukraine war increases the correlation between the markets and enhances the possibility of risk transmission. The core of the correlation structure shifts from agricultural commodities and precious metals to crude oil after the Russia-Ukraine war.

China Import Price: Crude Oil: Asia: India data was reported at 7,696.629 USD/Ton in Dec 2024. This records a decrease from the previous number of 30,166.667 USD/Ton for Sep 2017. China Import Price: Crude Oil: Asia: India data is updated monthly, averaging 30,166.667 USD/Ton from Jan 2010 (Median) to Dec 2024, with 3 observations. The data reached an all-time high of 59,000.000 USD/Ton in Jan 2010 and a record low of 7,696.629 USD/Ton in Dec 2024. China Import Price: Crude Oil: Asia: India data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.

Gasoline prices in the United States have experienced significant fluctuations over the past three decades, with 2024 seeing an average price of 3.3 U.S. dollars per gallon. This marks a notable decrease from the record high of 3.95 U.S. dollars per gallon in 2022, yet remains considerably higher than prices seen in the early 2000s. Despite this, American consumers continue to enjoy relatively low gasoline prices compared to many other countries, with some European countries paying more than double the U.S. average. Drivers in Hawaii and California pay the most at the pump Gasoline prices vary significantly across the United States, with Hawaii and California consistently ranking as the most expensive states for this fuel. As of January 1, 2025, Hawaii's average price for regular gasoline was 4.54 U.S. dollars per gallon, nearly 1.5 dollars above the national average. California's high prices are largely attributed to its steep gasoline taxes, which reached 68.1 U.S. cents per gallon in January 2024. These taxes play a crucial role in shaping retail prices and are typically reinvested in road infrastructure, demonstrating the direct link between fuel costs and transportation development. Patterns in gasoline consumption In a global context, the United States maintains some of the lowest conventional motor fuel prices among high-income countries. This is largely due to its position as the world's largest crude oil producer, allowing it to keep retail prices comparatively low. Despite fluctuations in price, gasoline consumption in the U.S. remains robust, averaging around 8.5 million barrels per day in 2024. Consumption tends to be highest in the summer months and lowest in the winter months due to changing driving behavior.

In recent years, the international community has witnessed many crisis events, and the Russia-Ukraine war, which broke out on 24th February 2022, has increased international policy uncertainty and impacted the current world commodity and financial markets. Thus, we try to capture how the Russia-Ukraine war has affected the correlation structure of international commodity and stock markets. We study six groups of commodity daily returns and one group of stock daily returns and select the sample from 24th February 2022 to 1st June 2022 as the sample during the Russia-Ukraine war; in addition, we select the sample from 1st December 2019 to 31st December 2020 as the sample during COVID-19 control group, and the sample from 1st January 2014 to 31st December 2017 as the non-extreme event control group, to explore the correlation structure of international commodity and stock markets before the war, and to compare and uncover the impact of the uncertain event of the Russia-Ukraine war on the commodity and stock markets. In this paper, the marginal density function of each series is constructed using the ARMA-GARCH-std method, and the R-Vine copula model is built based on the marginal density function to analyze the correlation relationship between each market. From the Tree1 of the Vine copula, it is found that crude oil becomes the core connecting each commodity market and the stock market during the Russia-Ukraine war. The price fluctuations of crude oil may be contagious to agricultural and precious metal markets in the same direction, while the stock market price fluctuations are inversely correlated with commodity markets. Comparison with the selected control group sample reveals that the Russia-Ukraine war increases the correlation between the markets and enhances the possibility of risk transmission. The core of the correlation structure shifts from agricultural commodities and precious metals to crude oil after the Russia-Ukraine war.

This table shows the consumption and producer price of energy.

The energy consumption figures for total energy, natural gas, oil, coal and other sources relate to primary consumption. For electricity, this is the final consumption.

The producer price figures refer to the price of goods available for domestic consumption. This is the price that producers or importers have received for the energy product supplied.

Data available from January 1995 to December 2017

Status of the figures

Energy consumption: Data from 1995 to 2014 are final. Data from 2015 and 2016 are further preliminary and data from 2017 are provisional.

Producer price: Data from 1995 to July 2017 are final. Data from August 2017 are provisional.

As this table has been discontinued, these data will no longer be definitively made.

Changes as of 31 January 2019: None, this table has been discontinued. The shifting of the basis in producer prices does not allow a comparison between different base years.

When are new figures coming? No longer applicable.

Malaysia Crude Palm Kernel Oil Price: LD: Mo Wt Avg: Spot: Central data was reported at 2,813.000 MYR/Ton in Nov 2018. This records a decrease from the previous number of 3,241.500 MYR/Ton for Oct 2018. Malaysia Crude Palm Kernel Oil Price: LD: Mo Wt Avg: Spot: Central data is updated monthly, averaging 2,458.500 MYR/Ton from Jul 1996 (Median) to Nov 2018, with 269 observations. The data reached an all-time high of 7,855.000 MYR/Ton in Jan 2017 and a record low of 786.500 MYR/Ton in Feb 2001. Malaysia Crude Palm Kernel Oil Price: LD: Mo Wt Avg: Spot: Central data remains active status in CEIC and is reported by Malaysian Palm Oil Board. The data is categorized under Global Database’s Malaysia – Table MY.P002: Palm Oil Price.

United States - Producer Price Index by Industry: Oil and Gas Field Machinery and Equipment Manufacturing: Other Oil and Gas Field Drilling Machinery and Equipment (DISCONTINUED) was 241.00000 Index Dec 1986=100 in December of 2017, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Oil and Gas Field Machinery and Equipment Manufacturing: Other Oil and Gas Field Drilling Machinery and Equipment (DISCONTINUED) reached a record high of 253.30000 in July of 2014 and a record low of 99.60000 in January of 1988. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Oil and Gas Field Machinery and Equipment Manufacturing: Other Oil and Gas Field Drilling Machinery and Equipment (DISCONTINUED) - last updated from the United States Federal Reserve on July of 2025.

China Import Price: Crude Oil: Africa: Nigeria data was reported at 721.220 USD/Ton in Feb 2025. This records an increase from the previous number of 672.266 USD/Ton for Jan 2025. China Import Price: Crude Oil: Africa: Nigeria data is updated monthly, averaging 623.766 USD/Ton from Mar 2008 (Median) to Feb 2025, with 130 observations. The data reached an all-time high of 79,000.000 USD/Ton in Dec 2017 and a record low of 197.676 USD/Ton in May 2020. China Import Price: Crude Oil: Africa: Nigeria data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.