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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 ...
English: The chart in the figure shows the change in WTI oil prices between 2013 and 2023 (data availability by CNBC). The x-axis of the graph shows dots of different colours for each year, representing the start price, end price, and the highest and lowest prices for each year. y-axis represents the price of oil in US dollars per barrel.
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
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 $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
The chart currently uses yearly averages; since 2008's not over yet, we don't have an average price for this year. I have to integrate it in a way that doesn't hurt the accuracy of the graph. I have put further thought into how the EIA's 1861–1999 spreadsheet is constructed, with the intention of possibly improving it.
Meanwhile, BofA analysis shows prices could drop to an average of $65 per barrel in 2025, particularly if the Organization of Petroleum Exporting Countries (OPEC) decides to bring barrels back ...
The U.S. became the leading world oil producer, exceeding 11 million barrels a day for the first time ever. This along with the highest OPEC production since 2016 led to WTI dropping 2.5% on November 1 to $63.69, its lowest finish since April, after falling 10.8% in October.
Oil prices bounced around quite a bit in 2024. They rallied more than 20% at one point -- topping $85 per barrel -- before cooling off toward the end of the year. Oil was recently below $70 a ...