Brent fell to 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% 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 December of 2025.

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

Learn about the significant increase in crude oil prices in the 1970s, driven by factors such as the OPEC oil embargo, geopolitical tensions in the Middle East, and global supply-demand dynamics.

Switzerland Brent Crude Oil Price data was reported at 75.710 USD/Barrel in Oct 2018. This records a decrease from the previous number of 82.790 USD/Barrel for Sep 2018. Switzerland Brent Crude Oil Price data is updated monthly, averaging 25.785 USD/Barrel from Jan 1970 (Median) to Oct 2018, with 586 observations. The data reached an all-time high of 139.390 USD/Barrel in Jun 2008 and a record low of 2.230 USD/Barrel in Dec 1970. Switzerland Brent Crude Oil Price data remains active status in CEIC and is reported by Swiss National Bank. The data is categorized under Global Database’s Switzerland – Table CH.P002: Fuel Prices.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine 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.

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

After some fluctuation in the oil industry's early years, where prices were incredibly high for that time period due to low supply, the cost of oil in the U.S. remained below five U.S. dollars per barrel in the century between the 1870s and 1970s. Due to the 1973 Arab-Israeli War, the Arab OPEC states then placed an embargo on Israel's allies, particularly the United States, which resulted in domestic prices almost doubling within two years. Less than a decade later, due to the Iranian Revolution, domestic prices in the U.S. more than tripled between 1978 and 1981. Domestic prices in the U.S. were very subject to those within the OPEC bloc, as OPEC-produced oil was often much cheaper than U.S. oil even after duties and transport fees were applied. U.S. production then fell from the 1980s to the 2010s, and high production costs were then passed on to consumers. Prices peaked between 2008 and 2013, at around 95 dollars per barrel, before the developments in unconventional oil industries, such as shale oil refinement, fracking, and horizontal mining, have seen prices fluctuate in recent years

Crude oil prices by year from 1970 to 2021, including significant events and average prices, along with the factors that affect price volatility.

Dubai oil prices in , October, 2025 For that commodity indicator, we provide data from January 1960 to October 2025. The average value during that period was 33.23 USD per barrel with a minimum of 1.21 USD per barrel in January 1970 and a maximum of 131.22 USD per barrel in July 2008. | TheGlobalEconomy.com

This article provides an overview of the annual oil prices from 1970 to 2020, discussing the various factors and events that have influenced the fluctuations in the oil price over the years.

Saudi Arabia Oil Prices: Nominal: North Sea, Brent data was reported at 54.170 USD/Barrel in 2017. This records an increase from the previous number of 43.760 USD/Barrel for 2016. Saudi Arabia Oil Prices: Nominal: North Sea, Brent data is updated yearly, averaging 24.745 USD/Barrel from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 111.620 USD/Barrel in 2012 and a record low of 2.230 USD/Barrel in 1970. Saudi Arabia Oil Prices: Nominal: North Sea, Brent data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices.

Brent oil prices in , September, 2025 For that commodity indicator, we provide data from January 1960 to September 2025. The average value during that period was 34.65 USD per barrel with a minimum of 1.21 USD per barrel in January 1970 and a maximum of 133.87 USD per barrel in July 2008. | TheGlobalEconomy.com

Explore the dataset of Saudi Arabia's nominal and real oil prices . Analyze NOMINAL OIL PRICE : OPEC BASKET, REAL OIL PRICE : Arabian Light, REAL OIL PRICE : OPEC BASKET, and more.

NOMINAL OIL PRICE : OPEC BASKET, REAL OIL PRICE : Arabian Light, REAL OIL PRICE : OPEC BASKET, REAL OIL PRICE : North Sea (Brent), NOMINAL OIL PRICE : North Sea (Brent), NOMINAL OIL PRICE : Arabian Light,Price, SAMA Annual

Saudi Arabia Follow data.kapsarc.org for timely data to advance energy economics research..Important notes:Base Year: 2005.Real prices have been calculated by using the OPEC Basket Deflator.

Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Light 34 API data was reported at 52.590 USD/Barrel in 2017. This records an increase from the previous number of 40.960 USD/Barrel for 2016. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Light 34 API data is updated yearly, averaging 21.940 USD/Barrel from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 110.220 USD/Barrel in 2012 and a record low of 1.300 USD/Barrel in 1970. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Light 34 API data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices.

Saudi Arabia Oil Prices: Retail: North Sea, Brent data was reported at 49.890 USD/Barrel in 2017. This records an increase from the previous number of 40.940 USD/Barrel for 2016. Saudi Arabia Oil Prices: Retail: North Sea, Brent data is updated yearly, averaging 39.923 USD/Barrel from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 94.240 USD/Barrel in 2012 and a record low of 15.551 USD/Barrel in 1970. Saudi Arabia Oil Prices: Retail: North Sea, Brent data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices. Real Retail Oil prices have been calculated by using the Consumer Price Index in industrial countries.

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.

This statistic gives the total end-use price for petroleum from 1970 to 2017 in the United States. In 2017, the end use price for petroleum in the country reached almost 18 U.S. dollars per million British thermal units.

Previous literature suggests that the pass-through of oil price shocks to inflation rates became weaker since the 1970s. I use a time-varying parameter VAR to show that this trend has recently been reversed with headline and core inflation rates responding more sensitive to oil price shocks. Based on a counterfactual analysis, I offer evidence that increasingly important second round effects propagated via inflation expectations play a key role for these dynamics. Finally, I illustrate that oil price shocks in general and this expectation channel more specifically contributed substantially to the recent surge in inflation rates.

The number of crude oil and natural gas rotary rigs in operation in the United States has fluctuated greatly since the mid-20th century. Oil production in the United States dropped steadily from the 1960s, as the OPEC bloc began producing and exporting oil at low prices, however the shocks of the 1970s saw oil prices rise significantly after OPEC placed an embargo on the U.S. and its allies in 1973. The U.S. ramped up production to try and negate some of the effects of this embargo, but the long term effect of this was that demand in the 1980s dropped, in what was known as the 1980s oil glut. The number of oil and gas rotary rigs then remained below 1,000 throughout the 1990s, before the oil boom in South Dakota and the move towards self-sufficiency took place in the early 2000s. In more recent years, rotary rigs are being replaced by top-drive drills, which are much more efficient as they can bore for two or three times more than a rotary rig in one section.

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.