Crude Oil fell to 61.97 USD/Bbl on September 5, 2025, down 2.38% from the previous day. Over the past month, Crude Oil's price has fallen 3.70%, and is down 8.42% compared to the same time last year, 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 September of 2025.

Brent rose to 65.86 USD/Bbl on September 8, 2025, up 0.55% from the previous day. Over the past month, Brent's price has fallen 1.15%, and is down 8.32% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on September of 2025.

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

On August 25, 2025, the Brent crude oil price stood at 68.22 U.S. dollars per barrel, compared to 64.8 U.S. dollars for WTI oil and 70.45 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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.

View monthly updates and historical trends for Average Crude Oil Spot Price. Source: World Bank. Track economic data with YCharts analytics.

As of July 2025, the average annual price of Brent crude oil stood at 71.79 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.

The price of 55 gallons of crude oil can vary widely depending on global demand, supply levels, geopolitical events, and economic conditions. Learn more about how the price of oil is determined, its historical volatility, and its impact on various sectors of the economy.

Crude Oil Production in Sudan remained unchanged at 30 BBL/D/1K in May. This dataset provides the latest reported value for - Sudan Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The crude oil price per barrel refers to the value of a barrel of crude oil in the global market, influenced by supply and demand dynamics, geopolitical events, economic conditions, and market speculation. Fluctuations in oil prices impact sectors of the economy, transportation costs, manufacturing costs, consumer prices, and oil-producing countries' economies. Oil price benchmarks like Brent Crude and West Texas Intermediate provide indicators of global crude oil price trends, making it an important e

Global Crude Oil market size is expected to reach $3693.23 billion by 2029 at 4.9%, segmented as by type, transport, industrial, other types

Indonesia Agricultural Export: Palm Kernel Crude Oil: Value: Morocco data was reported at 2.249 USD mn in 2017. This records a decrease from the previous number of 2.417 USD mn for 2016. Indonesia Agricultural Export: Palm Kernel Crude Oil: Value: Morocco data is updated yearly, averaging 1.453 USD mn from Dec 2005 (Median) to 2017, with 8 observations. The data reached an all-time high of 2.636 USD mn in 2012 and a record low of 0.147 USD mn in 2005. Indonesia Agricultural Export: Palm Kernel Crude Oil: Value: Morocco data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Indonesia Premium Database’s Agriculture Sector – Table ID.RID012: Agricultural Trade: Export: Palm Kernel Crude Oil: Value: by Country.

Crude Oil Production in the United States increased to 13580 BBL/D/1K in June from 13447 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as **** U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

Japan Imports Value Index: Crude Oil data was reported at 377.420 2000=100 in Sep 2008. This records a decrease from the previous number of 466.040 2000=100 for Aug 2008. Japan Imports Value Index: Crude Oil data is updated monthly, averaging 112.010 2000=100 from Jan 1998 (Median) to Sep 2008, with 129 observations. The data reached an all-time high of 466.040 2000=100 in Aug 2008 and a record low of 42.230 2000=100 in Jan 1999. Japan Imports Value Index: Crude Oil data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Japan – Table JP.JA050: Imports Value Index.

Ecuador Crude Oil Exports: EP Petroecuador: FOB: Value data was reported at 494,434.773 USD th in Jun 2019. This records a decrease from the previous number of 616,566.656 USD th for May 2019. Ecuador Crude Oil Exports: EP Petroecuador: FOB: Value data is updated monthly, averaging 468,572.717 USD th from Jan 2004 (Median) to Jun 2019, with 186 observations. The data reached an all-time high of 1,336,204.801 USD th in May 2014 and a record low of 55,670.851 USD th in Mar 2004. Ecuador Crude Oil Exports: EP Petroecuador: FOB: Value 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.RB004: Crude Oil Statistics.

Graph and download economic data for Spot Crude Oil Price: West Texas Intermediate (WTI) (WTISPLC) from Jan 1946 to Aug 2025 about WTI, crude, oil, price, and USA.

A crude oil index is a measure of the price changes in crude oil over time, which is used as a benchmark for the global oil market. It provides investors, traders, and market participants with a standardized reference point to track the value of crude oil and make informed decisions regarding their investments.

Crude Oil Production in Norway decreased to 1795 BBL/D/1K in May from 1840 BBL/D/1K in April of 2025. This dataset provides the latest reported value for - Norway Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Production, Wellhead Price, And Value Of Crude Oil In Utah Monthly Data T 3.19 2000-2013

Ecuador Crude Oil Exports: FOB: Value data was reported at 738,710.818 USD th in Sep 2018. This records an increase from the previous number of 724,081.084 USD th for Aug 2018. Ecuador Crude Oil Exports: FOB: Value data is updated monthly, averaging 692,357.686 USD th from Jan 2006 (Median) to Sep 2018, with 153 observations. The data reached an all-time high of 1,494,127.381 USD th in May 2014 and a record low of 231,147.929 USD th in Feb 2016. Ecuador Crude Oil Exports: FOB: Value 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.RB003: Crude Oil Statistics.