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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
These all seems subtly different to me. I think it would be better if the entire chart relied on the same source. Oil was not extracted in large quantities in the Middle East until the mid-20th century, and was first drilled in the North Sea in the 1970s, but the EIA has US domestic oil prices from 1859 all the way to today. It has month-by ...
September 13: The Kuwaiti Oil Ministry states its intention to seek a 200-million-barrels-per-day (32,000,000 m 3 /d) increase to its current 2-million-barrels-per-day (320,000 m 3 /d) crude oil production quota at the November 1995 OPEC meeting in Vienna. The announcement comes amidst growing non-OPEC oil production and weak oil prices.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $134 per barrel in 2024 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($77 to $29 in 2024 dollars).
December 9: Arab oil ministers announce a further production cut of 5 percent for January for non-friendly countries. December 22: OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974. December 25: Arab oil ministers cancel January 5 percent production cut. Saudi Arabian oil ...
A barrel that today costs $100 is the equivalent, in real dollars, to a $71 barrel in 2010 and a $56 barrel in 2000. ... “You need at least $80 [per barrel] to invest in marginal new oil ...
Brent crude futures have seen a similar rise of more than 30% over the same period, currently hovering above $94 per barrel. Citi's analysts see oil averaging $84 in the fourth quarter 2023 and ...
This includes the resources it takes for exploration, to remove it from the ground, and transport it. Between 2004 and 2008, there was an increase in fuel costs due in large part to a worldwide increase in demand for crude oil. Prices leapt from $35 to $140 per barrel ($220 to $880/m 3), causing a corresponding increase in gas prices. [15]