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.

On March 23, 2026, the Brent crude oil price stood at 100.34 U.S. dollars per barrel, compared to 89.13 U.S. dollars for WTI oil and 145.24 U.S. dollars for the OPEC basket. Oil prices rose significantly that week.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as references for global oil and gasoline prices. Prices rose heavily in March amidst the U.S.-Israel war with Iran. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Gasoline rose to 3.29 USD/Gal on March 27, 2026, up 4.97% from the previous day. Over the past month, Gasoline's price has risen 38.61%, and is up 47.04% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on March of 2026.

Crude Oil rose to 99.64 USD/Bbl on March 27, 2026, up 5.46% from the previous day. Over the past month, Crude Oil's price has risen 39.88%, and is up 43.66% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on March of 2026.

A comprehensive collection of crude oil prices declared by oil-producing countries over time.

Product Overview

Overview

The OPEC is a comprehensive collection of crude oil prices declared by oil-producing countries over time.

Delivery: Data is updated at 08:30am ET Monday to Friday with the same day's data.

Publisher

The Organization of the Petroleum Exporting Countries OPEC is a permanent, intergovernmental Organization, created at the Baghdad Conference. OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

Coverage & Data Organization

Coverage

The OPEC data feed provides daily average oil prices from 13 oil-producing nations. History is available starting from January 2003.

Data Organization

This product can be accessed via Nasdaq Data Link's Tables API.

To programmatically access individual tables in this product, you need the table code for the specific table you are interested in. The table codes for all tables in this product are listed in the following section.

Metadata

See the Column Definitions section for column information for each of the tables in this product.

You can also download table metadata in machine-readable format using the route:

https://data.nasdaq.com/api/v3/datatables/{Table_Code}/metadata?api_key=oviP3BsXoUBAsS17hQY4 For example:

https://data.nasdaq.com/api/v3/datatables/QDL/OPEC/metadata?api_key=oviP3BsXoUBAsS17hQY4

As of 2025, the average annual price of Brent crude oil stood at 69.14 U.S. dollars per barrel. This is over ten 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.

Canadian drivers should expect to pay more at a gas station as economic conditions begin to improve after the pandemic.

🛢️ Global Fuel Prices Analysis & 2026 Forecasting (1970 - 2026) 🌍

This repository contains a comprehensive Exploratory Data Analysis (EDA) and Machine Learning forecasting project for global crude oil prices, spanning from 1970 and projecting into 2026. This project is ideal for data scientists, econometricians, and energy market analysts.

📊 Project Overview

The global fuel market is highly sensitive to geopolitical factors. Recently, geological and geopolitical situations (e.g., tensions between Iran, Israel, and the USA) have severely impacted supply chain stability.

This project dives into historical price movements, contextualizes them within global affairs, explores the influential role of OPEC, and applies state-of-the-art predictive modeling (XGBoost) to forecast future trends.

Key Features of this Repository:

• Historical Context & Geopolitical Analysis: Deep dive into the reasons behind major oil price fluctuations (1973 Oil Shock, 2008 Financial Crisis, COVID-19 drop, etc.).
• OPEC & Production Insights: Breakdown of top producers vs. high-demand consumers.
• Exploratory Data Analysis (EDA): Visualizations of 50+ years of crude oil price data.
• Machine Learning Forecasting:
  • Implementation of XGBoost Regressor with advanced time-series feature engineering (lags, rolling averages).
  • Iterative recursive forecasting predicting prices through 2026.
  • Integration of a simulated "geopolitical risk premium" into the 2026 forecast.

📁 Files in this Repository

• kaggle_fuel_prices_analysis.ipynb: The main Jupyter Notebook containing the full analysis, EDA, and predictive modeling code.
• fuel_prices_1970_2026.csv: The dataset utilized in this project, containing monthly crude oil prices (USD/barrel) from January 1970 to December 2024.

💾 Dataset Details

The dataset fuel_prices_1970_2026.csv consists of the following structure: - Date: Monthly frequency (YYYY-MM-DD), starting from 1970-01-01. - Crude_Oil_Price: Nominal crude oil price in USD per barrel.

Data Source Context: The core historical data aligns with the World Bank's Open Data initiatives (Commodity Price Data / The Pink Sheet).

🚀 Getting Started

To run the notebook locally:

1. Clone this repository to your local machine.
2. Ensure you have the following Python libraries installed: bash pip install pandas numpy matplotlib seaborn xgboost scikit-learn
3. Open kaggle_fuel_prices_analysis.ipynb in Jupyter Notebook or JupyterLab.
4. Run the cells sequentially to reproduce the analysis and forecasts.

📈 Model Performance

The XGBoost model, evaluated on a test set (2023-Present), demonstrates robust performance in capturing recent market trends, outperforming standard ARIMA models specifically in handling sudden, non-linear market shocks.

🔮 2026 Forecast Outlook

The model's trajectory for 2026 suggests that as long as instability remains within critical regions (like the Middle East), global supply chains will price in a continuous "Risk Premium." The forecast anticipates sustained high baselines with the potential for prices to surpass $90-$100 per barrel during acute flare-ups.

The 2025 average annual price of West Texas Intermediate crude oil reached 65.39 U.S. dollars per barrel as of August. This would be 11 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.

In March 2026, the average price of one barrel of Brent crude oil was 70.89 U.S. dollars. This was an increase from the previous month and roughly two U.S. dollars above March 2025 prices. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.52 U.S. dollars in 2024.

Brent rose to 114.81 USD/Bbl on March 27, 2026, up 6.30% from the previous day. Over the past month, Brent's price has risen 47.68%, and is up 57.79% 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 March of 2026.

Graph and download economic data for Crude Oil Prices: Brent - Europe (MCOILBRENTEU) from May 1987 to Feb 2026 about crude, oil, Europe, commodities, and price.

UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices as oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which was extended until March 2025. At the same time, the sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years. The UK government has implemented policies to create a more favourable environment for extractors in the North Sea to improve UK energy security. However, the depletion of natural resources, the high cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.

Consumers in Malawi paid the highest price for gasoline in Africa as of March 2026. One liter of fuel cost on average 2.86 U.S. dollars in the country. In Central African Republic, the retail price for gasoline octane-95 reached on average 1.85 U.S. dollars per liter, the second-highest on the continent. On the other hand, consumers living in traditional crude oil producers in Africa, such as Nigeria, Egypt, Algeria, Angola, and Libya spent less money on gasoline. For instance, one liter cost 0.02 U.S. dollar in Libya, among the cheapest in the world.

The share of U.S. petroleum imports from OPEC countries amounted to 14.9 percent in 2024, a decrease when compared to the previous year. In 2020, the coronavirus pandemic and resulting lower transportation fuel demand discouraged many oil traders and resulted in oil benchmarks falling to record lows. OPEC imports have decreased as the U.S. has become more reliant on neighboring Canada for oil imports.

Urals Oil rose to 105.91 USD/Bbl on March 26, 2026, up 9.97% from the previous day. Over the past month, Urals Oil's price has risen 79.69%, and is up 57.67% 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.

NN: OPEC: SCOP: Average: Congo: Djeno data was reported at 78.520 USD/Barrel in Oct 2018. This records an increase from the previous number of 76.180 USD/Barrel for Sep 2018. NN: OPEC: SCOP: Average: Congo: Djeno data is updated monthly, averaging 64.080 USD/Barrel from Jun 2017 (Median) to Oct 2018, with 17 observations. The data reached an all-time high of 78.520 USD/Barrel in Oct 2018 and a record low of 44.300 USD/Barrel in Jun 2017. NN: OPEC: SCOP: Average: Congo: Djeno data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries. The data is categorized under World Trend Plus’s Association: Oil and Gas Sector – Table RO.OPEC.CO: Crude Oil Price: Monthly.

According to a 2026 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of ***U.S. dollars per barrel in order to profitably drill a new well. This is compared to a minimum breakeven price of ***U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between ** and ** U.S. dollars per barrel around the time of the survey. Most productive oil basins Operators in shale basins have the lowest average breakeven prices for new wells. However, when it comes to existing wells, operators in the Permian (Delaware) basin can afford even lower oil prices. The Permian basin, located in Texas and New Mexico, accounts for the greatest U.S. oil production output of any region. In 2024, production in the Permian reached nearly *********** barrels per day - more than **** times the amount extracted from the neighboring Eagle Ford rock formation. Texas is leading oil producing state With both regions located in Texas, it is not surprising that this is also the leading crude oil producing U.S. state. Nearly two billion barrels worth of crude oil were extracted in Texas per year, far more than any other state. Texas is home to a total of five major oil and gas formations.

The size of the Kazakhstan Oil and Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 0.53% during the forecast period. Recent developments include: June 2023: The Ministry of Energy in Kazakhstan has announced that the country will maintain its reduction of oil production by 78,000 barrels per day until the end of 2024. This decision aligns with the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) in June 2022., May 2023: Sinopec, the Chinese energy company, has announced that it has reached significant agreements with KazMunayGaz, the state-owned oil and gas firm of Kazakhstan. The agreements pertain to the construction of a petrochemical complex that will be based on gas in the Atyrau region of Kazakhstan. A final investment decision regarding this project is expected to be made in 2024.. Key drivers for this market are: 4., Abundant Oil and Gas Reserves4.; Favorable Investment in Upstream Sector. Potential restraints include: 4., Volatility of Crude Oil Prices. Notable trends are: Upstream Sector to Witness Significant Growth.

Discover the growth potential of Kazakhstan's oil and gas market, projected to reach $XX million by 2025, with a steady CAGR of 0.53% until 2033. Analyze market drivers, trends, and restraints influencing key players like KazMunayGas and Chevron. Explore the upstream, midstream, and downstream segments. Recent developments include: June 2023: The Ministry of Energy in Kazakhstan has announced that the country will maintain its reduction of oil production by 78,000 barrels per day until the end of 2024. This decision aligns with the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) in June 2022., May 2023: Sinopec, the Chinese energy company, has announced that it has reached significant agreements with KazMunayGaz, the state-owned oil and gas firm of Kazakhstan. The agreements pertain to the construction of a petrochemical complex that will be based on gas in the Atyrau region of Kazakhstan. A final investment decision regarding this project is expected to be made in 2024.. Key drivers for this market are: 4., Abundant Oil and Gas Reserves4.; Favorable Investment in Upstream Sector. Potential restraints include: 4., Abundant Oil and Gas Reserves4.; Favorable Investment in Upstream Sector. Notable trends are: Upstream Sector to Witness Significant Growth.