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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).
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.
During the 2000s, the price of Brent Crude rose above $30 a barrel in 2003 before peaking at $147.30 in July 2008. With the onset of the Great Recession, reduced demand for oil caused the price to fall to $39 per barrel in December 2008. [4]
Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.
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 ...
A fall towards the end of the year is not necessarily surprising, as we move probably from an undersupply to a slight oversupply in the crude oil market here in the near term.
The coalition has tried to boost oil prices by holding back output. ... yet turning on the taps will put downward pressure on prices. Bank of America expects Brent crude to average $61 per barrel ...
On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86] Brent crude hit $27.10 on January 20, the lowest since November 2003. [87] Oil rose again before falling January 25, Brent crude reaching $30.86 and U.S. oil $30.68. [88]