In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as **** U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

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.

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.

United States Crude Oil Price: EIA: FOB Cost of Imports: UK data was reported at 76.350 USD/Barrel in Jul 2007. This records an increase from the previous number of 62.040 USD/Barrel for Mar 2007. United States Crude Oil Price: EIA: FOB Cost of Imports: UK data is updated monthly, averaging 23.430 USD/Barrel from Mar 1977 (Median) to Jul 2007, with 238 observations. The data reached an all-time high of 76.350 USD/Barrel in Jul 2007 and a record low of 10.380 USD/Barrel in Jul 1986. United States Crude Oil Price: EIA: FOB Cost of Imports: UK data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

Monthly Oil Price Index FY 2007-2008 as reported by the Colorado Oil & Gas Conservation Commission

Urals Oil fell to 54.22 USD/Bbl on December 1, 2025, down 0.37% from the previous day. Over the past month, Urals Oil's price has fallen 7.52%, and is down 17.95% 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 Urals Crude.

Crude Oil Production in Peru increased to 48 BBL/D/1K in July from 43 BBL/D/1K in June of 2025. This dataset provides - Peru Crude Oil Production - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Statistics illustrates prices of crude oil and processed petroleum in Indonesia from 2007 to 2024.

Statistics illustrates prices of crude oil and processed petroleum in Egypt from 2007 to 2024.

Crude Oil ETF Volatility Index - Historical chart and current data through 2025.

Graph and download economic data for Global price of Dubai Crude (POILDUBUSDM) from Jan 1990 to Jun 2025 about crude, oil, World, and price.

Thailand ImPI: USD: FP: Crude Oil data was reported at 168.100 2007=100 in Jan 2013. This records an increase from the previous number of 167.500 2007=100 for Dec 2012. Thailand ImPI: USD: FP: Crude Oil data is updated monthly, averaging 87.000 2007=100 from Jan 2000 (Median) to Jan 2013, with 157 observations. The data reached an all-time high of 186.200 2007=100 in Mar 2012 and a record low of 37.800 2007=100 in Jan 2002. Thailand ImPI: USD: FP: Crude Oil data remains active status in CEIC and is reported by Bureau of Trade and Economic Indices. The data is categorized under Global Database’s Thailand – Table TH.I060: Export and Import Price Index: 2007=100.

Crude Oil Production in Lithuania remained unchanged at 0.70 BBL/D/1K in July. This dataset provides - Lithuania Crude Oil Production - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Canada Import Price Index: Customs: EP: Crude Oil & Crude Bitumen data was reported at 174.500 2007=100 in Sep 2018. This records an increase from the previous number of 173.500 2007=100 for Aug 2018. Canada Import Price Index: Customs: EP: Crude Oil & Crude Bitumen data is updated monthly, averaging 97.400 2007=100 from Jan 1997 (Median) to Sep 2018, with 261 observations. The data reached an all-time high of 205.800 2007=100 in Jul 2018 and a record low of 21.400 2007=100 in Dec 1998. Canada Import Price Index: Customs: EP: Crude Oil & Crude Bitumen data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.I031: Import Price Index: 2007=100.

Crude Oil Production in Taiwan remained unchanged at 0.20 BBL/D/1K in July. This dataset provides - Taiwan Crude Oil Production - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China Settlement Price: Fuel Oil Forward: 380CST: L38W: SPEX: First Month data was reported at 3,050.000 RMB/Ton in 07 Mar 2007. This stayed constant from the previous number of 3,050.000 RMB/Ton for 06 Mar 2007. China Settlement Price: Fuel Oil Forward: 380CST: L38W: SPEX: First Month data is updated daily, averaging 3,370.000 RMB/Ton from Aug 2006 (Median) to 07 Mar 2007, with 131 observations. The data reached an all-time high of 3,445.000 RMB/Ton in 30 Nov 2006 and a record low of 3,050.000 RMB/Ton in 07 Mar 2007. China Settlement Price: Fuel Oil Forward: 380CST: L38W: SPEX: First Month data remains active status in CEIC and is reported by Shanghai Petroleum Exchange. The data is categorized under High Frequency Database’s Commodity Prices and Futures – Table CN.ZB: Shanghai Petroleum Exchange: Price: Daily.

Canada Export Price Index: Customs: EP: Crude Oil & Crude Bitumen data was reported at 102.100 2007=100 in Sep 2018. This records a decrease from the previous number of 107.600 2007=100 for Aug 2018. Canada Export Price Index: Customs: EP: Crude Oil & Crude Bitumen data is updated monthly, averaging 84.100 2007=100 from Jan 1997 (Median) to Sep 2018, with 261 observations. The data reached an all-time high of 193.000 2007=100 in Aug 2008 and a record low of 25.500 2007=100 in Jan 1999. Canada Export Price Index: Customs: EP: Crude Oil & Crude Bitumen data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.I028: Export Price Index: 2007=100.

Statistics illustrates prices of soybean oil in the World from 2007 to 2024.

Crude Oil Production in Hungary decreased to 23 BBL/D/1K in July from 24 BBL/D/1K in June of 2025. This dataset provides the latest reported value for - Hungary Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This study investigates the impact of oil price uncertainty (OPU) on corporate profitability in China, the world’s largest crude oil consumer. Most importantly, we examine how the Chinese government’s oil price reform affects this relationship. Using the yearly data of Chinese-listed companies, we find that the uncertainty of oil prices negatively affects corporate profitability but positively impacts operating expenses from 2007 to 2020. This finding holds after robust tests, including alternative profitability metrics and endogeneity model. Most interestingly, implementing the 2013 market-oriented oil pricing reform amplifies the adverse impact of OPU on corporate profitability owing to increased operating costs in the post-2013 period. Moreover, the detrimental effect of uncertain oil prices on corporate profitability is less prominent for large-capitalized companies. This research adds to the body of knowledge on the factors affecting corporate profitability by highlighting the volatility effect of oil prices and government pricing mechanisms. The results offer grounds for legislators and corporate managers to consider how to control the uncertainty surrounding oil price matters to ensure stable corporate profitability.