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.

Heating Oil rose to 2.35 USD/Gal on December 2, 2025, up 0.21% from the previous day. Over the past month, Heating Oil's price has fallen 2.25%, but it is still 6.31% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on December of 2025.

Palm Oil rose to 4,134 MYR/T on December 2, 2025, up 1.00% from the previous day. Over the past month, Palm Oil's price has risen 0.46%, but it is still 18.56% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on December of 2025.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 67.83 U.S. dollars per barrel as of August. This would be nine 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.

The crude oil prices in 1980 experienced a significant increase due to geopolitical tensions, supply disruptions, and economic factors. This article explores how the Iran-Iraq war and ongoing political uncertainties in the Middle East impacted the global oil market, leading to a sharp rise in prices. It also discusses the role of economic considerations, such as high inflation rates and slower economic growth, in driving up oil demand. The article highlights the peak prices reached in April 1980 and how mar

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 Import Price Index (End Use): Crude Oil (IR10000) from Dec 1980 to Aug 2025 about end use, crude, imports, price index, indexes, price, and USA.

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.

Context

Oil price is a very important part of any county's economy. The Crude Oil WTI (USD/Bbl) dataset was created with the expectation to understand the impact of global oil prices on any country's economy.

Source

Using https://tradingeconomics.com/commodity/crude-oil this data set is created and will be kept updated monthly.

Acknlowgement

Thanks, tradingeconomics.com 💜

Refiners in the United States sold residual fuel for an average of 1.86 U.S. dollars per gallon in 2021. This was an increase compared to the previous year. The drop in 2020 is a reflection of the WTI crude oil price development. The lowest end user price for residual fuel was recorded in 1995, when consumers paid only 39 cents per gallon.

View yearly updates and historical trends for Brent Crude Oil Spot Price. Source: Energy Institute. Track economic data with YCharts analytics.

Discover the trends in annual crude oil prices over the past few decades, influenced by factors like global supply and demand, geopolitical tensions, economic growth, and market speculation. From peak prices in the 1980s to the dramatic fall in prices in 2014-2016, explore how crude oil prices have evolved and understand the moderate volatility exhibited in recent years.

United States - Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Lubricating Oils (Including Hydraulic Fluids, etc.), Refined Petroleum was 680.75900 Index Dec 1980=100 in August of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Lubricating Oils (Including Hydraulic Fluids, etc.), Refined Petroleum reached a record high of 719.50300 in November of 2022 and a record low of 100.00000 in December of 1980. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Lubricating Oils (Including Hydraulic Fluids, etc.), Refined Petroleum - last updated from the United States Federal Reserve on October of 2025.

Graph and download economic data for Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Secondary Products (PCU324191324191S) from Dec 1980 to Jun 2021 about lubricants, petroleum, secondary, oil, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

Mexico Crude Oil Mean Price: By Type: Istmo data was reported at 0.000 USD/Barrel in Feb 2019. This stayed constant from the previous number of 0.000 USD/Barrel for Jan 2019. Mexico Crude Oil Mean Price: By Type: Istmo data is updated monthly, averaging 29.000 USD/Barrel from Jan 1980 (Median) to Feb 2019, with 460 observations. The data reached an all-time high of 131.600 USD/Barrel in Jul 2008 and a record low of 0.000 USD/Barrel in Feb 2019. Mexico Crude Oil Mean Price: By Type: Istmo data remains active status in CEIC and is reported by Petroleos Mexicanos. The data is categorized under Global Database’s Mexico – Table MX.P001: Crude Oil Price.

Mexico Crude Oil Mean Price: By Type: Maya data was reported at 56.290 USD/Barrel in Feb 2019. This records an increase from the previous number of 52.100 USD/Barrel for Jan 2019. Mexico Crude Oil Mean Price: By Type: Maya data is updated monthly, averaging 25.000 USD/Barrel from Jan 1980 (Median) to Feb 2019, with 470 observations. The data reached an all-time high of 118.030 USD/Barrel in Jul 2008 and a record low of 6.370 USD/Barrel in Dec 1998. Mexico Crude Oil Mean Price: By Type: Maya data remains active status in CEIC and is reported by Petroleos Mexicanos. The data is categorized under Global Database’s Mexico – Table MX.P001: Crude Oil Price.

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.

Graph and download economic data for Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing: Lubricating Oils (Including Hydraulic Fluids, etc.), Refined Petroleum (PCU324191324191011) from Dec 1980 to Sep 2025 about refined, lubricants, petroleum, oil, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

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;

United States - Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing was 628.61900 Index Dec 1980=100 in August of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing reached a record high of 648.56100 in November of 2022 and a record low of 100.00000 in December of 1980. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Petroleum Lubricating Oil and Grease Manufacturing - last updated from the United States Federal Reserve on December of 2025.