As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some 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 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.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. 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.

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

Oil shocks exert influence on macroeconomic activity through various channels, many of which imply a symmetric effect. However, the effect can also be asymmetric. In particular, sharp oil price changes "either increases or decreases" may reduce aggregate output temporarily because they delay business investment by raising uncertainty or induce costly sectoral resource reallocation. Consistent with these asymmetric-effect hypotheses, the authors find that a volatility measure constructed using daily crude oil futures prices has a negative and significant effect on future gross domestic product (GDP) growth over the period 1984-2004. Moreover, the effect becomes more significant after oil price changes are also included in the regression to control for the symmetric effect. The evidence here provides economic rationales for Hamilton's (2003) nonlinear oil shock measure: It captures overall effects, both symmetric and asymmetric, of oil price shocks on output.

In 2021, average price of heating oil in Slovenia stood at 944.2 euros per thousand liters. In the period of consideration, figures fluctuated, peaking at 1,018.3 euros per thousand liters in 2012.

Interactive chart of historical daily soybean oil prices back to 1969. The price shown is in U.S. Dollars per pound.

This statistic shows the price of edible corn oil in the United States from 2004/05 to 2023/24. As of 2017/2018, corn oil prices stood at around 30.35 cents per pound in the United States. By 2022/23, the prices of corn oil increased to 61.62 cents per pound.

Monthly Oil Price Index FY 2003-2004 as reported by the Colorado Oil & Gas Conservation Commission

Graph and download economic data for Breakeven Fiscal Oil Price for Iraq (IRQPZPIOILBEGUSD) from 2004 to 2025 about Iraq, REO, oil, government, and price.

In 2021, average price of heating oil in Estonia stood a 825 euros per thousand liters. In the period of consideration, figures presented a trend of growth, despite some oscillation. Between 2004 and 2019, figures increased by roughly 438 euros per thousand liters and peaked at 1,020.8 euros per thousand liters in 2012.

The average price for heating oil in Hungary was volatile and increased to 1,496.4 euros per one thousand liters in 2012, but decreased again over the following years to 1067.2 euros per one thousand liters of heating oil in 2016. In 2021, the average price amounted to 1241.7 euros per one thousand liters.

Zambia Commodity Prices: Crude Oil (Dubai) data was reported at 78.020 USD/Barrel in Oct 2018. This records an increase from the previous number of 75.770 USD/Barrel for Sep 2018. Zambia Commodity Prices: Crude Oil (Dubai) data is updated monthly, averaging 67.558 USD/Barrel from Jan 2004 (Median) to Oct 2018, with 178 observations. The data reached an all-time high of 130.650 USD/Barrel in Jul 2008 and a record low of 25.830 USD/Barrel in Jun 2004. Zambia Commodity Prices: Crude Oil (Dubai) data remains active status in CEIC and is reported by Bank of Zambia. The data is categorized under Global Database’s Zambia – Table ZM.P001: Commodity Price.

UPDATES

Data is now available from 2004 to may 2021. NULL values are now replaces with -99999 ANP official website has monthly data until Feb 2022, but since this dataset is weekly organized it will be update to 2022 values as soon as this information is available.

The Data

The National Agency of Petroleum, Natural Gas and Bio fuels (ANP in Portuguese) releases weekly reports of gas, diesel and other fuels prices used in transportation across the country. These datasets bring the mean value per liter, number of gas stations analyzed and other information grouped by regions and states across the country.

Source

As stated before, these datasets are provided by ANP, and are regularly updated with new dates and information - which can be retrieved here (in portuguese).

What can be done with this?

• How different regions of Brazil saw their gas prices change?
• Within a region, which states increased more their prices?
• Which states are the cheapest (or most expensive) for different types of fuels?

In 2021, average price of heating oil in Cyprus stood at 748.2 euros per thousand liters. In the period of consideration, figures fluctuated, peaking a 1,065.1 euros per thousand liters in 2012.

Thailand Petroleum Product Price: BK: RP: Avg: Fuel Oil 1500 data was reported at 26.250 THB/l in Oct 2018. This records an increase from the previous number of 25.250 THB/l for Sep 2018. Thailand Petroleum Product Price: BK: RP: Avg: Fuel Oil 1500 data is updated monthly, averaging 19.490 THB/l from Jan 2003 (Median) to Oct 2018, with 190 observations. The data reached an all-time high of 29.730 THB/l in Mar 2012 and a record low of 9.530 THB/l in Jul 2004. Thailand Petroleum Product Price: BK: RP: Avg: Fuel Oil 1500 data remains active status in CEIC and is reported by Energy Policy and Planning Office. The data is categorized under Global Database’s Thailand – Table TH.P013: Petroleum Products 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.

Nepal Manufacturing Producer Price Index: Annual: Vegetable, Oils & Fats: Mustard Oil data was reported at 115.210 2003-2004=100 in 2007. This records an increase from the previous number of 107.280 2003-2004=100 for 2006. Nepal Manufacturing Producer Price Index: Annual: Vegetable, Oils & Fats: Mustard Oil data is updated yearly, averaging 107.280 2003-2004=100 from Jul 2005 (Median) to 2007, with 3 observations. The data reached an all-time high of 115.210 2003-2004=100 in 2007 and a record low of 101.370 2003-2004=100 in 2005. Nepal Manufacturing Producer Price Index: Annual: Vegetable, Oils & Fats: Mustard Oil data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Global Database’s Nepal – Table NP.I0029: Manufacturing Producer Price Index: 2003-04=100: Annual.

Brazil BR: Weighted Average Price: Fuel Oil A1 data was reported at 3.701 BRL/kg in 2023. This records a decrease from the previous number of 4.321 BRL/kg for 2022. Brazil BR: Weighted Average Price: Fuel Oil A1 data is updated yearly, averaging 1.132 BRL/kg from Dec 2004 (Median) to 2023, with 20 observations. The data reached an all-time high of 4.321 BRL/kg in 2022 and a record low of 0.623 BRL/kg in 2004. Brazil BR: Weighted Average Price: Fuel Oil A1 data remains active status in CEIC and is reported by National Petroleum, Natural Gas and Biofuels Agency. The data is categorized under Global Database’s Brazil – Table BR.PE012: Weighted Average Price: Fuel Oil A1.

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.