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

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.

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.

Crude Oil Prices: 79 years of historical data from 1946 to 2025.

OPEC's crude oil export revenue reached 550 billion U.S. dollars in 2024, a decrease from 2023. For 2025 figures are expected to fall below 500 billion U.S. dollars. OPEC stands for the Organization of Petroleum Exporting Countries and includes countries located in Africa, South America, the Middle East, and Southeast Asia. Currently, the organization has 12 member countries. OPEC share in world oil production The formation of OPEC marked a shift away from large multinational company market control to a primarily state-based control of natural resources. The supply restrictions that began in 1970 enabled a significant increase in oil prices and thus, OPEC’s revenues. OPEC's share of global oil production is approximately 36 percent. Saudi Arabia is one of the largest oil exporters among the OPEC. The country sells around six million barrels of oil per day overseas. OPEC basket price outlook OPEC crude oil production can strongly impact global oil prices, especially during periods of war or upheaval. Prices of oil are largely affected by basic supply and demand. As of the first half of 2025, the average annual OPEC basket price was around 72 U.S. dollars per barrel. Low oil prices in 2024 and 2025 were largely due to less oil demand growth in China and concerns over U.S. trade tariffs.

WTI Crude Oil Prices: 39 years of historical data from 1986 to 2025.

Brent Crude Oil Prices: 38 years of historical data from 1987 to 2025.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

About the ProjectWe developed the KAPSARC Energy Model for Saudi Arabia (KEM-SA) to understand the dynamics of the country’s energy system. It is a partial equilibrium model formulated as a mixed complementarity problem to capture the administered prices that permeate the local economy. KEM-SA has been previously used to study the impacts of various industrial fuel pricing policies and improved residential efficiency on the energy economy. The passenger transportation model presented in this paper helps understand more of the end-use energy demand.Key PointsIn 2016, policymakers in Saudi Arabia increased domestic transportation fuel prices, which are expected to approach market levels in the near future. Current low crude oil prices offer an excellent opportunity for policymakers to deregulate the passenger transportation sector without a significant change in local fuel prices. We developed a bottom-up transportation sub-model and integrated it with the KAPSARC Energy Model (KEM) to assess whether consumers could afford such reforms; and the resulting travel mode choices, energy consumption levels and revenue. We do not consider price-induced efficiency improvements; hence, the results would represent an upper bound for the shift to public modes.Despite a deregulation of the passenger transportation sector, Saudi households would continue to allocate one of the lowest transport budgets (as a percentage of income) in Gulf Cooperation Council (GCC) countries and also stay within Saudi Arabian historical boundaries.Deregulating fuel prices would encourage consumers to travel by more efficient public transport modes, as they become available in the near future, leading to significant energy savings and CO2 emissions reductions of between 4 million to 26 million metric tons (mt) per year.The Kingdom would receive an annual average $8.2 billion as additional revenue from domestic sales and exports in the varying crude price scenario and $5 billion in the fixed $60/bbl scenario.Despite the increase in transport fuel price, the net gain for Saudi Arabia in the varying crude oil price scenario remains positive as a result of substantial increase in revenue and the introduction of more convenient public travel modes.Our findings show that analyzing energy policies using empirical estimates are generally valid even for large variations in price; however, if new transport modes and technologies are introduced in Saudi Arabia, consumer response may be slightly greater than that of empirical estimate, which did not account for such new modes.

Natural gas rose to 3.36 USD/MMBtu on July 11, 2025, up 0.58% from the previous day. Over the past month, Natural gas's price has fallen 3.89%, but it is still 44.10% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on July of 2025.

Statistics illustrates consumption, production, prices, and trade of Crude Petroleum Oil in United States Minor Outlying Islands from 2007 to 2024.

OPEC's net oil export revenue reached 679.75 billion U.S. dollars in 2023, a decrease from 2022. In 2022, figures reached 828.61 billion U.S. dollars. OPEC stands for the Organization of Petroleum Exporting Countries and includes countries located in Africa, South America, the Middle East, and Southeast Asia. Currently, the organization has 12 member countries. OPEC oil production The formation of OPEC marked a shift away from large multinational company market control to a primarily state-based control of natural resources. The supply restrictions that began in 1970 enabled a significant increase in oil prices and thus, OPEC’s revenues. OPEC produces around 40 percent of the world’s total crude oil. Saudi Arabia is one of the largest oil exporters among the OPEC. The country sells around six million barrels of oil per day overseas. In total, some 19.7 million barrels of oil was exported per day by OPEC regions in 2021. OPEC crude oil production can strongly impact global oil prices, especially during periods of war or upheaval. Prices of oil are largely affected by basic supply and demand. As of preliminary 2024 figures, the average price of OPEC crude oil was around 80.48 U.S. dollars per barrel. Low oil prices in 2015 and 2016 were due to a wide range of factors including, but not limited to, lower U.S. production, rising Canadian and Iraqi production, and more energy-efficient vehicles. While the drop in 2020 was due to the coronavirus-pandemic.

Austria Energy Prices: Net: Annual Avg: Gas Oil: Industry data was reported at 1,053.710 EUR/Ton in 2022. This records an increase from the previous number of 515.870 EUR/Ton for 2021. Austria Energy Prices: Net: Annual Avg: Gas Oil: Industry data is updated yearly, averaging 429.171 EUR/Ton from Dec 2003 (Median) to 2022, with 20 observations. The data reached an all-time high of 1,053.710 EUR/Ton in 2022 and a record low of 228.799 EUR/Ton in 2003. Austria Energy Prices: Net: Annual Avg: Gas Oil: Industry data remains active status in CEIC and is reported by Statistics Austria. The data is categorized under Global Database’s Austria – Table AT.P001: Energy Prices: Annual Average.

Statistics illustrates consumption, production, prices, and trade of Crude Oil and Processed Petroleum in Mexico from Jan 2019 to May 2025.

Proved oil reserves refer to the quantity of oil that is available in a certain area, and has at least a 90 percent chance of being extracted for use. Reserves, along with production and demand, are the three most important factors when oil prices are being set, and certain countries or companies can use their proved reserves to have some control over international prices. Development of the U.S. oil industryToday, the United States is the largest oil producer in the world, but it is outside of the top 10 in terms of its reserves. In the early 1900s, the U.S. overtook the Russian Empire as the world's largest oil producer, as oil booms in Texas and California, as well as heightened demand during the progression of industrialization, saw the industry grow exponentially. Apart from a dip during the Great Depression, the volume of U.S. reserves grew throughout the first half of the 20th century, although the growth of oil industries elsewhere in the world, particularly in the Middle East, saw the OPEC bloc emerge as the most influential force in the global oil pricing. The exploration of major oil fields in Alaska saw U.S. reserves spike in 1970, before both reserves and output fell in the final decades of the 20 th century. The U.S.'s position as the world's largest consumer of oil meant that it has been a net importer since WWII - however, the development of the unconventional oil industry in the 2010s has put the United States on course to become a net exporter in the 2020s.

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.

Europe Brent Crude Oil Prices: 38 years of historical data from 1987 to 2025.

The file "fuels.txt" includes daily data for Brent futures (BrentF) and spot (BrentS) prices obtained from nasdaq.com database and three NASDAQ indices: 1) NASDAQ OMX Bio/Clean Fuels Index (GRNBIO). Source: {https://indexes.nasdaqomx.com/Index/Overview/GRNBIO} 2) NASDAQ OMX Fuel Cell Index (GRNFUEL). Source:{https://indexes.nasdaqomx.com/Index/Overview/GRNFUEL} 3) NASDAQ OMX Transportation Index (GRNTRN). Source: {https://indexes.nasdaqomx.com/Index/Overview/GRNTRN} The file "fundamentals.txt" includes monthly data for the following variables: 1) WIP: world industrial production index collected from:{https://sites.google.com/site/cjsbaumeister/datasets?authuser=0} 2) COMM: real commodity price factor - obtained from {https://sites.google.com/site/cjsbaumeister/datasets?authuser=0}; 3) GECON: global economic condition indicator (standardised) - obtained from {https://sites.google.com/site/cjsbaumeister/datasets?authuser=0}; 4) S.SH: oil supply shock - obtained from {https://sites.google.com/site/cjsbaumeister/datasets?authuser=0}; 5) OCDSH: oil consumption demand - obtained from {https://sites.google.com/site/cjsbaumeister/datasets?authuser=0}; 6) OIDSH: oil inventory demand- obtained from {https://sites.google.com/site/cjsbaumeister/datasets?authuser=0}; 7) EASH: oil demand shocks driven by global economic activity - obtained from {https://sites.google.com/site/cjsbaumeister/datasets?authuser=0}; 8) GEPU: global economic policy uncertainty index - , a normalised index of the volume of news articles discussing economic policy uncertainty; due to the nonstationarity of the data, obtained from: {https://www.policyuncertainty.com/global_monthly.html} 9) EXPT: Brent spot prices expectations formulated by the U.S. Energy Information Association; 10) SPX - end-of-month data of S&P500 11) SPECUL1: Net position of Money Managers (long-short) for Brent contract - based on the ICE Futures Europe Commitments of Traders Reports ({www.ice.com/marketdata/reports/122}); 12) SPECUL2: Speculation measure analogous to Working's (1960) index, which measures the speculative activity of non-commercial traders in the crude oil market.

Austria Energy Prices: Net: Annual Avg: Heavy Fuel Oil: Industry data was reported at 685.610 EUR/Ton in 2022. This records an increase from the previous number of 419.940 EUR/Ton for 2021. Austria Energy Prices: Net: Annual Avg: Heavy Fuel Oil: Industry data is updated yearly, averaging 358.918 EUR/Ton from Dec 2003 (Median) to 2022, with 20 observations. The data reached an all-time high of 685.610 EUR/Ton in 2022 and a record low of 154.000 EUR/Ton in 2004. Austria Energy Prices: Net: Annual Avg: Heavy Fuel Oil: Industry data remains active status in CEIC and is reported by Statistics Austria. The data is categorized under Global Database’s Austria – Table AT.P001: Energy Prices: Annual Average.