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.

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.

This article explores the significant fluctuations in crude oil prices over the last 10 years, influenced by various factors such as global economic conditions, political events, supply and demand dynamics, and market speculation. It examines the peak in mid-2014, the decline in 2015-2016, the partial stabilization in 2017-2018, and the period of decline in 2018-2019. The article also discusses the unprecedented challenges faced by the oil market in 2020 due to the covid-19 pandemic, leading to historic low

On July 21, 2025, the Brent crude oil price stood at 68.98 U.S. dollars per barrel, compared to 67.2 U.S. dollars for WTI oil and 70.65 U.S. dollars for the OPEC basket. Brent and OPEC prices fell slightly that week, while WTI prices rose.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.

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.24 U.S. dollars per barrel, as of May. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

CBO Projection: Crude Oil Price: WTI: Annual data was reported at 70.800 USD/Barrel in 2028. This records an increase from the previous number of 69.140 USD/Barrel for 2027. CBO Projection: Crude Oil Price: WTI: Annual data is updated yearly, averaging 58.885 USD/Barrel from Dec 2015 (Median) to 2028, with 14 observations. The data reached an all-time high of 70.800 USD/Barrel in 2028 and a record low of 42.790 USD/Barrel in 2016. CBO Projection: Crude Oil Price: WTI: Annual data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s USA – Table US.P005: Crude Oil Price: Projection: Congressional Budget Office.

This statistic outlines the average cost to produce one barrel of oil in leading oil producing countries worldwide in 2015, by country and by expenditure. In that year, Kuwait had the lowest production costs per barrel of oil, at a total cost of 8.5 U.S. dollars per barrel of oil. Of that total cost, 3.7 U.S. dollars was capital expenditure costs, while the remaining 4.8 U.S. dollars was from operational expenditures.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.

CBO Projection: Crude Oil Price: WTI data was reported at 71.430 USD/Barrel in Dec 2028. This records an increase from the previous number of 71.010 USD/Barrel for Sep 2028. CBO Projection: Crude Oil Price: WTI data is updated quarterly, averaging 59.350 USD/Barrel from Dec 2015 (Median) to Dec 2028, with 53 observations. The data reached an all-time high of 71.430 USD/Barrel in Dec 2028 and a record low of 36.590 USD/Barrel in Mar 2016. CBO Projection: Crude Oil Price: WTI data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s USA – Table US.P005: Crude Oil Price: Projection: Congressional Budget Office.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

Sunflower Oil fell to 1,264.50 INR/10 kg on July 22, 2025, down 0.39% from the previous day. Over the past month, Sunflower Oil's price has risen 0.16%, and is up 39.83% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Sunflower Oil.

United States US: Oil Rents: % of GDP data was reported at 0.051 % in 2016. This records an increase from the previous number of 0.049 % for 2015. United States US: Oil Rents: % of GDP data is updated yearly, averaging 0.404 % from Dec 1971 (Median) to 2016, with 46 observations. The data reached an all-time high of 3.031 % in 1980 and a record low of 0.049 % in 2015. United States US: Oil Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Land Use, Protected Areas and National Wealth. Oil rents are the difference between the value of crude oil production at regional prices and total costs of production.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted average;

Zambia Commodity Price: Avg: Crude Oil data was reported at 74.250 USD/Barrel in Jul 2018. This records a decrease from the previous number of 74.400 USD/Barrel for Jun 2018. Zambia Commodity Price: Avg: Crude Oil data is updated monthly, averaging 48.900 USD/Barrel from Oct 2015 (Median) to Jul 2018, with 34 observations. The data reached an all-time high of 76.900 USD/Barrel in May 2018 and a record low of 30.800 USD/Barrel in Jan 2016. Zambia Commodity Price: Avg: Crude Oil data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Zambia – Table ZM.P004: Average Copper and Crude Oil Price.

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.

Crude Oil Average Price data was reported at 54.072 USD/Barrel in 2015. This records a decrease from the previous number of 98.800 USD/Barrel for 2014. Crude Oil Average Price data is updated yearly, averaging 63.135 USD/Barrel from Dec 2000 (Median) to 2015, with 16 observations. The data reached an all-time high of 111.000 USD/Barrel in 2012 and a record low of 23.000 USD/Barrel in 2001. Crude Oil Average Price data remains active status in CEIC and is reported by Yemen Oil and Gas Corporation. The data is categorized under Global Database’s Yemen – Table YE.P001: Crude Oil Average Price.

In 2040, the nominal price of the OPEC reference basket oil is expected to reach 155 U.S. dollars. The nominal price is an unadjusted number, without taking elements such as inflation, seasonality, loan fees, interest compounding into account.

Prices rising and recovering

The “real price” (in 2015 U.S. dollars) of oils in the OPEC reference basket is projected to more than double from 2016 to 2040. While the average annual OPEC crude oil price was at the lowest point in over a decade in 2016 and had room to recover, real 2015 prices are not expected to reach the high levels of the early 2010s over the next twenty years.

Turbulence in the 2010s

As oil prices fluctuated heavily during the 2008 financial crisis, the United States sought to decrease reliance on imports from OPEC countries and invested in domestic oil production to keep up with high demand at lower cost. The subsequent development of hydraulic fracturing enabled extraction of shale oil in the United States and brought a surge in production, causing a global oversupply by 2014, known as the 2010s oil glut.

Fossil fuels have been extracted in France since the beginning of the 20th century, helping to secure the country's energy supply. Today, crude oil is still used in a wide range of industries, the transport sector and private households. However, low international oil prices and dwindling reserves have put the industry under increasing pressure. The COVID-19 pandemic and the resulting sharp drop in demand for petroleum products led to a decline in prices in 2020. Following this, though the reopening of the European economy and the resumption of production activities drove a rapid increase in demand for fossil fuels in 2021. The beginning of the Russia-Ukraine war in February 2022 and the embargo on crude oil import from Russia further fuelled supply shortages and oil prices rose again over the year. As a result, extraction companies’ revenue edged upwards. However, this effect waned in 2023 as supply shortages abated, meaning the industry experienced a decline in revenue due to a drop in crude oil prices. Overall, revenue is expected to climb at a compound annual rate of 14.7% over the five years through 2025 to reach €225.1 million, including an estimated dip of 4.1% in 2025. It’s worth noting that this five-year growth is largely the result of a revenue dip in 2020, which led to high growth rates after the end of the pandemic. Otherwise, the industry is currently in decline. In 2025, the global market is expected to see a further slowdown in demand from major importer China, while rising oil production from countries such as the US, Canada, Guyana and Argentina is expected to keep supply high, contributing to falling crude oil prices. Profit in 2025 is expected to be slightly higher than in previous years, when companies struggled with especially high energy costs. As the transport sector evolves and shifts to electric vehicles, demand for crude oil products will begin to decline. Furthermore, the industry's production capacity is being constrained by dwindling reserves in France and a lack of new entrants. Revenue is forecast to decline at a compound annual rate of 7.2% over the five years to 2030 to €155.2 million. An increased focus on AI-based and automated extraction methods to streamline operations could help companies optimise extraction processes to minimise their environmental impact and support their competitiveness, but the drop in demand is still expected to keep the industry in decline.

Fuel, chemical and metal agents contend with highly volatile global commodity prices and industrial production and construction output fluctuations. The COVID-19 outbreak severely pressured global economic growth causing production levels to tumble and stymieing oil demand. Oil prices collapsed and fell into negative territory for the first time, with producers paying clients to take the surplus off their hands. Record-low oil prices had a substantial contractionary effect on revenue as most agents work off a commission basis. China's steel production was curbed by strict social distancing measures, lagging behind global steel demand, forcing the prices of some steel products to quadruple between September 2021 and September 2020. Steel prices dropped in 2022 as spiralling inflation and strict lockdowns in China ignited demand uncertainty, hitting steel-related commissions. Over the five years through 2024-25, agents' revenue is forecast to contract at a compound annual rate of 9% to £74.1 billion. As crude oil is the primary input in petroleum, chemicals and fertilisers, the Russia-Ukraine conflict sparked surges in the prices of related products. In 2022, the price of Brent crude oil reached its highest level since 2014, helping drive revenue growth and profit in 2022-23. As supply concerns continue in 2024-25 for steel and crude oil, revenue is expected to grow by 21.8%. Looking forward, the transition to a net zero carbon emission economy will shift the focus of many downstream buyers away from fossil fuels and petroleum-based products and towards renewable energy sources. The Agricultural Bill passed in 2020 and detailed the phasing out of direct farmer subsidies by 2024. Subsidies will fall from £2.4 billion to £900 million over this period, with delinked payments replacing them, disincentivising crop production and fertiliser use. Green policies like banning new petrol and diesel car sales by 2030 will cut fossil-fuel-related sales and boost the sale of battery metals like lithium used in electric vehicles. Industry-wide revenue is forecast to grow at a compound annual rate of 18% to reach £169.6 billion over the five years through 2029-30.