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 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.

Discover the factors that influenced the fluctuations in crude oil prices in 2017, including supply and demand dynamics, geopolitical events, and environmental factors. Learn about the impact of OPEC production cuts, increasing shale oil production, tensions in the Middle East, and natural disasters. Understand the price range and the overall volatility experienced throughout the year.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-11-03 about crude, oil, Europe, commodities, and price.

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.

This dataset contains historical daily price data for WTI (West Texas Intermediate) and Brent Crude Oil futures contracts. The data spans from April 5, 2017, to April 10, 2024, and includes key pricing information such as opening, closing, high, low, average prices, and volume for each trading day. The data was sourced using the Interactive Brokers API and includes futures contract details for both WTI and Brent Crude Oil traded on the NYMEX exchange. This dataset can be used for time series analysis, forecasting, and other financial applications related to the oil market.

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.

United States Crude Oil Price: EIA: FOB Cost of Imports: Nigeria data was reported at 58.580 USD/Barrel in Oct 2017. This records an increase from the previous number of 52.180 USD/Barrel for Aug 2017. United States Crude Oil Price: EIA: FOB Cost of Imports: Nigeria data is updated monthly, averaging 24.410 USD/Barrel from Oct 1973 (Median) to Oct 2017, with 468 observations. The data reached an all-time high of 140.010 USD/Barrel in Jun 2008 and a record low of 6.000 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: FOB Cost of Imports: Nigeria 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 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.

This statistic shows the forecasted price of oil in the United Kingdom (UK) from 2017 to 2024, in U.S. dollars per barrel. The price of oil is expected to increase to 64.5 U.S. dollars in 2023/24.

Mexico Crude Oil Export Price: by Type: Olmeca data was reported at 50.752 USD/Barrel in Aug 2017. This records an increase from the previous number of 47.397 USD/Barrel for Jul 2017. Mexico Crude Oil Export Price: by Type: Olmeca data is updated monthly, averaging 31.919 USD/Barrel from Jan 1990 (Median) to Aug 2017, with 330 observations. The data reached an all-time high of 137.618 USD/Barrel in Jul 2008 and a record low of 10.318 USD/Barrel in Dec 1998. Mexico Crude Oil Export Price: by Type: Olmeca 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.

In 2017, Olive Oil Price in Greece grew 15.5% compared to the previous year.

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

The projected fiscal breakeven oil price in Saudi Arabia in 20221 was **** U.S. dollars per barrel. This was a decrease from **** U.S. dollars per barrel in 2021.

The average price of heating oil in France progressed in a volatile manner between the year 2000 and 2016, going from ***** euros to ***** euros per 1,000 liters. The price reached a peak in 2012, when the French end-consumer had to pay almost ***** euros per 1,000 liters of heating oil.

France consumes fewer fossil fuels than Germany

Heating oil is mainly used as a fuel oil for boilers, industrial furnaces or central heating systems. In a survey led by the International Energy Agency in 2016, the residential space heating was responsible for ** percent of the carbon dioxide emissions in France. In Germany, where the average price of heating seems to have progressed in a similar manner as in France, the share of electricity produced from oil, gas and coal sources is much higher than in France. In 2015, ***** percent of the electricity produced in Germany came from fossil fuels, while in France this share amounted to **** percent.

The German consumption of fossil fuels should be reduced along with its Carbon dioxide emissions

Germany’s relative dependence on fossil fuels is also reflected in its emissions of carbon dioxide. Alone in 2016, Germany released around ***** million metric tons of CO2 into the atmosphere. In that same year, France reported ***** million metric tons of CO2. Due to Germany’s energy transformation plan (the so-called Energiewende), the government plans the consumption of fossil fuels should be reduced by ** percent by 2050* in order to reduce sharply the emission generated by this energy source.

The projected fiscal breakeven oil price in Kuwait in 2022 was **** U.S. dollars per barrel. This was a decrease from **** U.S. dollars per barrel in 2021.

Mexico Crude Oil Export Price: by Region: America: Olmeca data was reported at 53.874 USD/Barrel in Apr 2017. This records an increase from the previous number of 51.410 USD/Barrel for Mar 2017. Mexico Crude Oil Export Price: by Region: America: Olmeca data is updated monthly, averaging 31.602 USD/Barrel from Jan 1990 (Median) to Apr 2017, with 325 observations. The data reached an all-time high of 137.618 USD/Barrel in Jul 2008 and a record low of 10.318 USD/Barrel in Dec 1998. Mexico Crude Oil Export Price: by Region: America: Olmeca 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.

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.

This open data contains information about Saudi Arabia

This dataset contains Saudi Arabia crude oils spot prices 1985 - 2017 from Saudi Arabian Monetary Agency. Follow datasource.kapsarc.org for timely data to advance energy economics research.

in U.S.$ per Barrel