The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 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 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, 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 March of 2025.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.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.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three 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.

Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, 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 March of 2025.

Gasoline Prices in the United States increased to 0.82 USD/Liter in February from 0.81 USD/Liter in January of 2025. This dataset provides the latest reported value for - United States Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Gasoline Prices in Italy increased to 2.01 USD/Liter in February from 1.98 USD/Liter in January of 2025. This dataset provides the latest reported value for - Italy Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

TTF Gas decreased 8.92 EUR/MWh or 17.69% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF - values, historical data, forecasts and news - updated on March of 2025.

This table contains the pump prices for motor fuels at petrol stations around the Netherlands. Weighted average monthly prices are published of petrol Euro95, diesel oil and LPG including VAT and excise duties. A breakdown is provided of prices on the highway, and at local manned and local unmanned petrol stations. These prices are published once a month.

Data available from: January 2006

Status of the figures: The figures in this table are final figures

Changes since the previous period: New figures have been added

When will new figures be published? The figures appear on the first Thursday of the month, not being the first two days of the month. If publication on this day is not possible due to circumstances such as public holidays, they will be published on the next working day.

New York Energy Prices presents retail energy price data. Energy prices are provided by fuel type in nominal dollars per million Btu for the residential, commercial, industrial, and transportation sectors. This section includes a column in the price table displaying gross domestic product (GDP) price deflators for converting nominal (current year) dollars to constant (real) dollars. To convert nominal to constant dollars, divide the nominal energy price by the GDP price deflator for that particular year. Historical petroleum, electricity, coal, and natural gas prices were compiled primarily from the Energy Information Administration. How does your organization use this dataset? What other NYSERDA or energy-related datasets would you like to see on Open NY? Let us know by emailing OpenNY@nyserda.ny.gov.

About the Project

KAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.

Key Points

In the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded.

Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia.

North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant.

For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts.

Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

Gasoline Prices in Germany increased to 1.90 USD/Liter in February from 1.87 USD/Liter in January of 2025. This dataset provides the latest reported value for - Germany Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This dataset contains Saudi Arabia Domestic Retail Prices of Petroleum Derivatives 2005-2015 Ministry of Energy, Industry and Mineral Resources Prices, Diesel, Kerosene, Liquefied Petroleum Gas, Premium Gasoline, Export API data for more datasets to advance energy economics research

This dataset contains information about Gas, oil & LPG prices in Egypt for 2015-2021. Data from Ministry of Petroleum, Egypt.

Gasoline Prices in Kazakhstan increased to 0.49 USD/Liter in February from 0.47 USD/Liter in January of 2025. This dataset provides - Kazakhstan Gasoline Prices- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Australia has a thriving oil and gas industry with expanding infrastructure and many exploration opportunities. Geologically the country contains potential for large oil and gas discoveries with extensive sedimentary basins. Australia is also one of the world leaders in providing low cost geological data with an open Acreage Release process and competitive taxation regimes. Politically Australia is very stable with a very high standard of living and a long-standing democratic culture based on the rights of the individual and the rule of the law. There is a free market philosophy which welcomes foreign investment - Australia has no mandatory local equity requirements and has no government owned oil companies. Government facilitation of investment includes fast-tracking of approvals processes for major projects.

This CD provides some basic Australia data including: Oil and Gas Resources of Australia 2003

This publication is the definitive reference on exploration, development and production of Australia's petroleum resources. It covers exploration, reserves, undiscovered resources, development, coalbed methane resources, production, crude oil and shale oil and supporting information and statistics. It includes a forecast of Australia's crude oil and condensate production up to the year 2020, and sustainability indicators for petroleum resources. Information on Australia's petroleum data availability is also included. An estimate of Australia's undiscovered oil and gas potential and a review of geological sequestration of carbon dioxide in Australia is included. Australian Research and Promotional Material

Australian research includes research papers for Australia, Australia regions (Northwest Shelf and the Southern Margin) and CO2 Sequestration. Promotional materials refer to pamphlets which outline geological products available from Geoscience Australia and contacts for obtaining these products. This material is grouped by region with the research papers.

Geoscience Australia Online Databases Demonstration The Geoscience Australia Petroleum Databases Demonstration is a Microsoft Powerpoint presentation containing instructions on how to use Geoscience Australia's online Petroleum Databases located at: www.ga.gov.au/oracle/apcrc/ This output represents the data which is considered open file and commercial-in-confidence. Petroleum Databases available at Geoscience Australia include: the Australian Geological Provinces Database, the Petroleum Information Management System (PIMS) GIS , the National Petroleum Wells Database and the National Geoscience GIS

Germany Gasoline Price: Without Taxes: Heating Gas Oil data was reported at 689.100 EUR/1000 l in 03 Mar 2025. This records a decrease from the previous number of 701.700 EUR/1000 l for 24 Feb 2025. Germany Gasoline Price: Without Taxes: Heating Gas Oil data is updated weekly, averaging 513.440 EUR/1000 l from Jan 2002 (Median) to 03 Mar 2025, with 1153 observations. The data reached an all-time high of 1,595.790 EUR/1000 l in 14 Mar 2022 and a record low of 204.240 EUR/1000 l in 21 Jan 2002. Germany Gasoline Price: Without Taxes: Heating Gas Oil data remains active status in CEIC and is reported by European Commission's Directorate-General for Energy. The data is categorized under Global Database’s Germany – Table DE.DG ENER: Gasoline Price.

Gasoline Prices in Spain increased to 1.71 USD/Liter in February from 1.69 USD/Liter in January of 2025. This dataset provides the latest reported value for - Spain Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

New York Energy Prices presents retail energy price data. Energy prices are provided by fuel type in nominal dollars per million Btu for the residential, commercial, industrial, and transportation sectors. This section includes a column in the price table displaying gross domestic product (GDP) price deflators for converting nominal (current year) dollars to constant (real) dollars. To convert nominal to constant dollars, divide the nominal energy price by the GDP price deflator for that particular year. Historical petroleum, electricity, coal, and natural gas prices were compiled primarily from the Energy Information Administration. How does your organization use this dataset? What other NYSERDA or energy-related datasets would you like to see on Open NY? Let us know by emailing OpenNY@nyserda.ny.gov.