and over 1 Mio. WTI Crude Oil a (dollars per barrel) 56.99 39.17 Oil (Brent) Price Per 1 Ton. From the history charts, we can see that the price of Brent crude oil is never immutable. Brent Crude Oil: Latest price and chart Free market updates $68.20-0.05 (-0.07%) Day high $68.62 Brent Crude Oil price delayed by at least 15 … EIA expects Brent crude prices to average $23 per barrel during the second quarter of 2020 before increasing to $30per barrel during the second half of the year. facts. b Average regular pump price. Economy EIA revises down Brent price forecast by $18 for 2020 International benchmark expected to average $43 per barrel this year, down form previous estimate of … e Electric power generation fuel cost. import cost, Refinery capacity of oil in Germany 1970-2019, Crude oil - landed cost of U.S. imports 1975-2012, Crude oil imports from Russia to Japan FY 2019, by oil type, Cargo transported through the Suez Canal yearly 2015-2019, by selected cargo type, Share of oil and gas sector profits to GDP 2013-2018, Italy: Extraction of crude petroleum & natural gas employment figures 2008-2018, Average monthly Merey crude oil price (Venezuela) from January 2019 to December 2020 (in U.S. dollars per barrel), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. (January 14, 2021). 494.56 USD. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Research expert covering energy and environment, Profit from additional features with an Employee Account. As soon as this statistic is updated, you will immediately be notified via e-mail. The next day, Brent crude oil, another global crude oil price benchmark, fell to $9.12 per barrel (b), its lowest daily price in decades. U.S. West Texas Intermediate (WTI) crude futures fell 84 cents, or 1.29%, to $64.08. This statistic is not included in your account. BofA cuts its 2020 average oil price projection for WTI Crude to … Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook "Average monthly Merey crude oil price (Venezuela) from January 2019 to December 2020 (in U.S. dollars per barrel)." Directly accessible data for 170 industries from 50 countries Prices: The front-month futures price for Brent crude oil settled at $64.86 per barrel (b) on April 1, 2021, down from an intraday high of $71.38/b on March 8 but up from $63.69/b from March 1. ", OPEC, Average monthly Merey crude oil price (Venezuela) from January 2019 to December 2020 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/1115833/monthly-average-price-merey-crude-oil/ (last visited May 12, 2021), Average monthly Merey crude oil price (Venezuela) from January 2019 to December 2020, Oil - global reserves by region 1992-2019, Global oil production share by region 2010-2019, Oil exporters worldwide by region in 2019, Leading crude oil importers worldwide 2019, Venezuela: average Merey crude oil price 2019-2020, Ecuador: average Oriente crude oil price 2019-2020, Brazil: crude oil export prices 2019-2021, Latin America: proved crude oil reserves 2019, by country, Central and South America: crude oil reserves 1990-2019, Latin America: leading countries in petroleum production 2019, Latin America: oil export volume 2010-2019, Venezuela: petroleum industry export value 2010-2018, Colombia: crude oil export value 2013-2019, Venezuela: petroleum industry import value 2010-2018, Latin America: top national oil companies 2018, by revenue, EP Petroecuador: annual revenue 2014-2018, Impact of coronavirus on oil price in Nigeria 2020, Monthly closing inventory of crude oil & equivalent products in Canada 2015-2016, Crude oil refining capacity in the U.S. by company 2017, Global breakeven offshore oil price by company and project 2018, Capacity of selected crude oil pipelines in North America 2017, Economic impact of falling oil and gas prices on U.S. economy 2015, U.S. crude oil exports forecast 2016-2040, U.S. crude oil prices: F.O.B. Average monthly prices of oil rose from $17 per barrel in July to $36 per barrel in October. Residential average. This is a change of 5.57% from last month and 98.21% from one year ago. In the past twenty years, the annual price for one barrel of Brent Crude oil saw a net increase. Conversion. Brent Crude Oil Spot Price is at a current level of 66.54, up from 65.98 the previous market day and up from 19.75 one year ago. Brent settled for $26.21 USD at the same time, for a difference of $63.84. Largest oil consumption worldwide by country 2019, Number of oil and gas rigs by world region November 2020, Global oil reserves share by leading country 2019. In July, 2008, the price of Brent crude for August delivery reached record peak of $145.11/barrel. The WTI crude oil rose 2.37 per cent to settle at $37.12 per barrel, while Brent crude gained 2.5 per cent and traded at $39.73 per barrel. Are you interested in testing our corporate solutions? Available to download in PNG, PDF, XLS format, Access to this and all other statistics on 80,000 topics from, Show sources information 1 Barrel ≈ 0,136 Tonnes of Crude Oil. 2020 63.65 55.66 32.01 18.38 29.38 40.27 43.24 44.74 40.91 40.19 42.69 … Here we review 2020 and what experts forecast for oil in 2021. The report also forecasts that “Brent will average $49.70 per barrel next year, as inventories decline into 2021.” It added that “The forecast of rising crude oil prices reflects the EIA’s expectation of declines in global oil inventories during the second half of 2020 and through 2021.” Please authenticate by going to "My account" → "Administration". From January, 2011 to June, 2014, the price of oil largely remained in the $90–$120 range. d U.S. On February 8, 2021, the OPEC basket stood at 59.58 U.S. dollars per barrel, … Then you can access your favorite statistics via the star in the header. West Texas Intermediate for January delivery rose 80 cents to settle at $45.71 a barrel Brent for the same month advanced 75 cents to end the session at … Dollars per Barrel). In 2008, after the beginning of the longest U.S. recession since the Great Depression the oil price continued to soar. Corporate solution including all features. Oil (Brent) Price Per 1 Gallon. Oil made headlines for its plummeting price action in 2020 due to the impact of COVID-19. The price of crude oil may fluctuate violently affected by external factors, such as global macroeconomic conditions, political, war, market speculation, the value of U.S. Dollar. Average Crude Oil Spot Price is at a current level of 63.83, up from 60.46 last month and up from 32.20 one year ago. The world price of crude oil had peaked in 1980 at over US$35 per barrel, hereafter, fell from $27 to below $10 in 1986. The price of crude oil rose to $39.50 per barrel over the next 12 months. For example, the average price per barrel stood … Average monthly Merey crude oil price (Venezuela) from January 2019 to December 2020 (in U.S. dollars per barrel) [Graph]. "Average Monthly Merey Crude Oil Price (Venezuela) from January 2019 to December 2020 (in U.S. 2020 2021 projected 2022 projected a West Texas Intermediate. Chart. Brent crude futures dropped 83 cents, or 1.21%, to $67.49 a barrel by 1232 GMT. While Brent crude is forecast to average $23 per barrel during the second quarter of 2020, it is anticipated to average $32 per barrel during the second half of the year. Then you will be able to mark statistics as favourites and use personal statistics alerts. In the 52 week period, the price of Brent Crude touched a high of 70.25 Dollar per Barrel on Jan 06, 2020 and recorded a low of 13.77 Dollar per Barrel on Apr 22, 2020. Like the price of gold, its price experiences wide price swings in times of shortage or oversupply. As a Premium user you get access to background information and details about the release of this statistic. Looking forward, we estimate it to trade at 56.51 in 12 months Crude Oil Price - Brent Oil Price History. Please do not hesitate to contact me. Figures prior to November 2020 were retrieved from earlier releases of the publication. OPEC. The 2020 average spot price for Brent crude oil was 41.96 U.S. dollars. Please create an employee account to be able to mark statistics as favorites. In fact, the global oil supply decreased by only ~4%, however, the widespread panic resulted in the price far higher than justified by supply. Average monthly prices of oil rose from $17 per barrel in July to $36 per barrel … Brent crude prices averaged $50 per barrel during the first quarter of 2020 and $29 per barrel during the second quarter of this year. Due to the oil crisis of the 1970s (especially in 1973 and 1979 oil shock), slowed economic activity in industrial countries and the energy conservation spurred by high fuel prices resulted in oil glut. On 2020 April 20, the CME WTI futures contract for May 2020 settled at -$37.63 USD a barrel due to oil demand shocks from the COVID-19 pandemic, and to dwindling storage capacity at the futures contract delivery point at Cushing, Oklahoma. By the end of the oil embargo in March 1974. the price of oil had risen from $3 per barrel to nearly $12. The EIA said it forecasts Brent crude increasing to an average of $48 per barrel in 2021, as "declining global oil inventories next year will put upward pressure on oil prices." Demand for petroleum products in the United States fell sharply in mid-March, which led refiners to curtail operations. Then, the price started declining owing to a significant increase in oil production in USA, and declining demand in the emerging countries. Brent blend contains approximately 0.37% of sulphur, and Quick Analysis with our professional Research Service: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Both Brent and WTI are light crude oils, with the first used as a benchmark for … After the 1970s Energy Crisis, the oil crisis was broken out again. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Due to the falling demand, result in a serious surplus of crude oil, that was the 1980s oil glut. You can only download this statistic as a Premium user. Prices Updated: May 12, 2021 at 18:17 NY Time. It began in the early 1980s. This feature is limited to our corporate solutions. Published by N. Sönnichsen, Apr 11, 2021 The average 2021 annual price of Brent crude oil climbed to 60.82 U.S. dollars per barrel, as of March. From 1999 to mid 2008, the price of crude oil rose significantly due to the rising oil demand in countries like India and China. This is a change of 0.85% from the previous market day and 236.9% from one year ago. It contains relatively low density and low sulfur content. Accessed May 12, 2021. https://www.statista.com/statistics/1115833/monthly-average-price-merey-crude-oil/, OPEC. You need at least a Single Account to use this feature. c On-highway retail. This oil crisis had a major impact on stock market as well as international relations, and created a rift within NATO. The front-month futures price for West Texas Intermediate (WTI) crude oil for delivery at Cushing, Oklahoma, increased by 81 cents/b during the same period, settling at $61.45/b on April 1 (Figure 1) . The second oil crisis (or oil shock) occurred in the United States in 1979 because of decreased oil output in the wake of the Iranian Revolution. Published by Bruna Alves, Feb 16, 2021 In December 2020, the price of Merey crude oil – Venezuela’s reference export blend – averaged 32.7 U.S. dollars per … It also shows the Brent crude price history charts. Oil (Brent) Price. As a Premium user you get access to the detailed source references and background information about this statistic. In October 1973, the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, including the Arab members of the Arab members of the OPEC plus Egypt, Syria and Tunisia) announced an oil embargo in response to American involvement in the 1973 Yom Kippur War. In 1990, the oil price spike was affected by the Iraqi invasion of Kuwait. This 1980s oil glut caused a six-year-long decline in oil prices culminating with a 46 percent price drop in 1986. Learn more about how Statista can support your business. Welcome to browse the page of Brent Crude History Price which shows the current Brent crude oil price and its fluctuation width, previous close price and open price, etc. The ideal entry-level account for individual users. Show publisher information. Brent crude oil is expected to trade at 65.31 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. EIA expects that growth in crude oil production from members of the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) will be limited because of a multilateral agreement to limit production . A paid subscription is required for full access. You only have access to basic statistics. Its price began to fall when the U.S.-led coalition experienced military success against Iraqi forces. Brent Crude Price Futures Brent Crude, also known as London Brent, or Brent Blend, is a light and sweet crude oil. Register in seconds and access exclusive features. The agency forecasts that average Brent prices will increase to an average of $46 per barrel in 2021, lower by $10 forecasted last month, as declining global oil inventories puts upward pressure on prices. Week Of Mon Tue Wed Thu Fri 1987 May-18 to May-22 18.63 18.45 18.55 1987 May-25 to May-29 18.60 18.63 18.60 18.60 18.58 1987 Jun- 1 to Jun- 5 18.65 18.68 18.75 18.78 18.65 1987 Jun- … Although the Brent oil price has more than doubled since the April low, analysts are divided as to what to expect from the Brent oil price in June 2020. Earlier this week, Bank of America Merrill Lynch slashed its 2020 oil price forecast for Brent Crude by $8 per barrel. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022. New, Insights into the world’s most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development, Find studies from all around the internet. In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump. Price. You need a Single Account for unlimited access. A chart of average price of oil yearly reveals an increase in the price of crude oil in the last 20 years, but a decline of 35 percent between 2019 and 2020. By the end of December, 2008, Brent crude oil had bottomed out at $33.73. 1 Barrel = 42 Gallons. Meanwhile, WTI Crude was trading at 43.17 Dollar per Barrel on Aug 25, 2020 and OPEC Basket Price was 42.98 Dollar per … September 30, 2020, 7:03 PM EDT Updated on October 1, 2020, 3:44 PM EDT WTI crude futures settle below key 100-day moving average N.Y. has … The price of oil sharply rebounded and rose to US$82 per barrel in 2009. Profit from additional features by authenticating your Admin account. Afterward, the price of oil began to fall. Statista. January 14, 2021. In, OPEC. Brent crude is projected to average US$40 per barrel in 2020. 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