Graph and download economic data for Producer Price Index by Industry: Oil and Gas Extraction (PCU21112111) from Dec 1985 to Feb 2025 about extraction, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.

The monthly crude oil price index worldwide reached 182.78 index points in February 2025. Prices decreased compared to the previous month as economic activity was expected to continue to stagnate.

Core Inflation Nowcast: sa: Contribution: Energy Prices: Crude Oil: Spot Price: West Texas Intermediate Cushing data was reported at 0.423 % in 10 Mar 2025. This records an increase from the previous number of 0.310 % for 03 Mar 2025. Core Inflation Nowcast: sa: Contribution: Energy Prices: Crude Oil: Spot Price: West Texas Intermediate Cushing data is updated weekly, averaging 0.028 % from Apr 2018 (Median) to 10 Mar 2025, with 360 observations. The data reached an all-time high of 5.609 % in 03 Jun 2024 and a record low of 0.000 % in 19 Feb 2024. Core Inflation Nowcast: sa: Contribution: Energy Prices: Crude Oil: Spot Price: West Texas Intermediate Cushing data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Inflation: Core.

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.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Fuel Oil and Other Fuels in U.S. City Average (CUUR0000SEHE) from Mar 1935 to Feb 2025 about fuels, oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

The real oil price chart is an important tool for understanding the true value of oil over time, as it shows the historical fluctuations in the price of oil adjusted for inflation. This article explains how the chart works, how prices are adjusted for inflation, and how it can be used to analyze historical price trends and make informed decisions related to oil investments, energy policies, and economic forecasting.

Over the last several decades, the price of WTI crude oil has been affected by notable events and crises taking place throughout the world. The inflation adjusted price of one barrel of crude oil peaked shortly before the global financial crisis in 2008 at 125.21 real U.S. dollars. By the first quarter of 2009, the crude oil price had plummeted to 42.89 real U.S. dollars per barrel. By comparison, the through price during the coronavirus pandemic was 24.65 real U.S. dollars.

Canada Core Inflation Nowcast: sa: Contribution: Energy: Crude Oil Price: Avg: Synthetic Edmonton data was reported at 0.343 % in 03 Mar 2025. This stayed constant from the previous number of 0.343 % for 24 Feb 2025. Canada Core Inflation Nowcast: sa: Contribution: Energy: Crude Oil Price: Avg: Synthetic Edmonton data is updated weekly, averaging 0.000 % from Jan 2018 (Median) to 03 Mar 2025, with 374 observations. The data reached an all-time high of 32.673 % in 20 Jan 2020 and a record low of 0.000 % in 20 Jan 2025. Canada Core Inflation Nowcast: sa: Contribution: Energy: Crude Oil Price: Avg: Synthetic Edmonton data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.

Oil prices stabilize amid easing US inflation, with WTI crude trading just under $68 per barrel. Production adjustments are key in maintaining market balance.

The global fuel energy price index stood at 188.62 index points in January 2025, up from 100 in the base year 2016. Figures increased that month due to a rise in crude oil prices as a result of new sanctions on Russian oil and greater heating fuel demand. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Global ramifications of the Russia-Ukraine war The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.

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.

Learn about the factors that influence crude oil prices and the importance of these prices in the global economy. Explore the benchmark prices, such as Brent crude and West Texas Intermediate, and understand how supply and demand, geopolitical events, production costs, and market speculation affect the price of crude oil. Discover the impact of crude oil prices on inflation, energy costs, investment opportunities, and as macroeconomic indicators.

Graph and download economic data for Producer Price Index by Commodity: Mining Services: Drilling Oil and Gas Wells Services (WPU601103) from Dec 1985 to Feb 2025 about wells, drilling, oil, mining, gas, services, commodities, PPI, inflation, price index, indexes, price, and USA.

Malaysia Core Inflation Nowcast: Contribution: Commodity Prices: Crude Palm Oil: KLCE: Settlement Price: Current Month Future data was reported at 20.210 % in 10 Mar 2025. This stayed constant from the previous number of 20.210 % for 03 Mar 2025. Malaysia Core Inflation Nowcast: Contribution: Commodity Prices: Crude Palm Oil: KLCE: Settlement Price: Current Month Future data is updated weekly, averaging 0.786 % from Oct 2020 (Median) to 10 Mar 2025, with 230 observations. The data reached an all-time high of 30.672 % in 11 Dec 2023 and a record low of 0.000 % in 13 Jan 2025. Malaysia Core Inflation Nowcast: Contribution: Commodity Prices: Crude Palm Oil: KLCE: Settlement Price: Current Month Future data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Malaysia – Table MY.CEIC.NC: CEIC Nowcast: Inflation: Core.

Indonesia Inflation Nowcast: Contribution: Energy Prices: OPEC: Crude Oil Price: OPEC Basket: Weekly data was reported at 0.000 % in 10 Mar 2025. This stayed constant from the previous number of 0.000 % for 03 Mar 2025. Indonesia Inflation Nowcast: Contribution: Energy Prices: OPEC: Crude Oil Price: OPEC Basket: Weekly data is updated weekly, averaging 0.000 % from Jun 2020 (Median) to 10 Mar 2025, with 250 observations. The data reached an all-time high of 41.953 % in 31 Aug 2020 and a record low of 0.000 % in 10 Mar 2025. Indonesia Inflation Nowcast: Contribution: Energy Prices: OPEC: Crude Oil Price: OPEC Basket: Weekly data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Indonesia – Table ID.CEIC.NC: CEIC Nowcast: Inflation: Headline.

The national crude oil price is a key indicator of the health and stability of a country's economy. Learn about the factors influencing national crude oil prices and the impact it has on inflation, energy costs, investments, stock markets, and government revenue.

The current international crude oil price is a widely watched and closely followed indicator in the global energy markets. It has a significant impact on various sectors of the economy, including transportation, manufacturing, and overall inflation. This article discusses the factors influencing crude oil prices, the role of Brent Crude as the global benchmark, the impact of the COVID-19 pandemic on prices, and the ongoing market sensitivity to geopolitical tensions and economic conditions.

Japan Core Inflation Nowcast: Contribution: Energy Prices: Oil Product Retail Price: Premium Gasoline: Nation data was reported at 0.000 % in 10 Mar 2025. This stayed constant from the previous number of 0.000 % for 03 Mar 2025. Japan Core Inflation Nowcast: Contribution: Energy Prices: Oil Product Retail Price: Premium Gasoline: Nation data is updated weekly, averaging 0.828 % from Jan 2020 (Median) to 10 Mar 2025, with 271 observations. The data reached an all-time high of 73.194 % in 08 May 2023 and a record low of 0.000 % in 10 Mar 2025. Japan Core Inflation Nowcast: Contribution: Energy Prices: Oil Product Retail Price: Premium Gasoline: Nation data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Japan – Table JP.CEIC.NC: CEIC Nowcast: Inflation: Core.

Aastveit, Knut Are, Bjørnland, Hilde C., and Cross, Jamie L., (2023) “Inflation Expectations and the Pass-Through of Oil Prices.” Review of Economics and Statistics 105:3, 733–743.

The average price of Indian basket crude oil was estimated to reach 97.67 U.S. dollars per barrel in the financial year 2023. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly increased from the previous year’s average of 78.19 U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost 112 U.S. dollars per barrel.

Recent trends in the Indian oil industry

The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years.

The future of the Indian energy sector

As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.