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15+ oil price statistics every oil trader should know

By:
on Jan 10, 2023
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  • Crude oil prices hit a major slump during the coronavirus pandemic due to reduced demand.
  • Russia’s invasion of Ukraine pushed oil prices to new highs but has since plunged towards $60/barrel.
  • Russian oil prices have seen the steepest decline.

The energy crisis and especially the oil prices shaped the world’s economies in 2022 amid increased inflation rates. Invezz has compiled data on oil price statistics around the world to help with creating a clear picture of how the oil industry has been performing in the past as well as help with future oil price forecasts, especially now that there is a major divergence between oil prices and energy stocks.

Oil prices have been in focus especially following the war in Eastern Europe after Russia invaded Ukraine just after the COVID-19 pandemic that had brought economies around the world to their knees.

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Oil price stats –key facts and trends

  • Crude oil price reached an all-time high of $147.27/barrel in July of 2008.
  • The oil prices surged to above $120/barrel when Russia invaded Ukraine.
  • G7, Australia and the EU agreed to cap the Russian oil price at $60/barrel.
  • The Urals oil price fell nearly $30/barrel to $43/barrel by early December.

US oil price statistics

1. The West Texas Intermediate (WTI) benchmark hit a yearly low of $71.055/barrel on December 5

According to data on Trading Economics, the West Texas Intermediate (WTI) benchmark for US crude, which is the world’s most actively traded commodity, plunged to a yearly low of $71.055 per barrel on December 5, 2022, before slightly surging to its current price above $78/barrel at press time.

2. The WTI futures hit an all-time high of $140/barrel in June 2008

The crude oil WTI prices surged to an all-time high of $140/barrel in June 2008 before plunging for the rest of the year to just above $39/barrel in January 2009.

3. The lowest crude oil WTI futures price is $10.537/barrel

The lowest that the crude oil WTI price has ever registered is $10.537/barrel in 1986. After surging to above $38/barrel in 1990, it then plunged to about $11/barrel in 1998.

Europe oil price statistics

4. G7, Australia, and the EU agreed to cap the Russian oil price at $60/barrel.

On December 3, 2022, G7, Australia, and the EU formally set the highly anticipated price cap on Russian oil at $60/barrel. The price cap applies to crude oil, petroleum oils, and oils obtained from bituminous minerals which originate from Russia.

5. By early December, Urals oil price had dropped to $43/barrel

The price of Urals oil, which is a reference oil brand used as a basis for the pricing of the Russian export oil mixture, fell by nearly $30 per barrel to $43 per barrel by early December, which is way below the cap set by the G7 members.

6. The average monthly Brent crude oil price has fallen below $100/barrel

The average monthly price of Brent crude oil, which is the leading price benchmark for Atlantic basin crude oils and the most significant crude oil benchmark for Europe, fell below $100 per barrel since Russia invaded Ukraine on February 24, 2022, and has remained below that level to date.

7. The average price of LPG in Europe is about € 1.55

According to data from Autotraveler, the average price in Europe on LPG for the past month has decreased by € 0.06 to about € 1.55.

8. In Iceland, Finland and Greece the cost of E5 (Super) is 30% higher than the average price across Europe

In Europe, the highest fuel prices are in Iceland, Finland and Greece where E5 (Super), which is the most common type of fuel in Europe found at each gasoline station, is 25%-30% costlier than the average across Europe.

9. Russia has the lowest E5 fuel prices of €0.78

At €0.78, Russia has the lowest E5 fuel prices in Europe followed by Belarus where it costs an average of € 0.95. The low costs are mainly attributed to the sanctions imposed on Russian companies by the rest of European countries and the US.

10. Crude oil Brent price hit a yearly high of $123.48/barrel in March

According to Trading Economics, the highest that Crude Oil Brent prices have reached this year is $123.63 per barrel on March 8.

11. Crude oil Brent price hit a yearly low of $76.10/barrel in December

The lowest that Crude Oil Brent prices have reached this year is $76.10 per barrel on December 9.

12. $10.46/barrel is the lowest that the Crude oil Brent price has ever reached

The all-time low Crude oil Brent price is $10.46/barrel which was reached in December 1998. 

13. $139.83/barrel is the all-time high Crude oil Brent price

In June 2008, the Crude oil Brent surged to an all-time high of $139.83/barrel.

OPEC oil price statistics

14. The 2022 annual average OPEC crude oil price stands at $102.97/barrel

As of October, the 2022 annual average Organization of the Petroleum Exporting Countries (OPEC) crude oil price stands at $102.97 per barrel according to data by Statista. This is up from last year’s $69.72 per barrel.

The OPEC crude oil price refers to the price of the so-called OPEC (Reference) basket which is an average of the oil prices of the various petroleum blends that are produced by the OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates).

15. $109.45/barrel is the highest OPEC crude oil price between 1960 and 2022

The OPEC crude oil price reached an all-time high of $109.45 in 2012 after which it dived although it has been trying to rally over the past two years.

16. The lowest OPEC crude oil was witnessed in 1970 at about $1.21/barrel

The OPEC crude oil price was lowest between 1760 and 1973 when it traded below $3/barrel. 1970 was the lowest year when the price dropped to a low of $1.21/barrel.

17. December has seen the lowest OPEC crude oil prices averaging at $79.18

According to data from OPEC’s website, December has seen the lowest OPEC crude oil prices with a monthly average of $79.18/barrel.

18. June was the best month in 2022 for OPEC crude oil prices; they hit an average of $117.72/barrel

The OPEC crude oil prices hit a monthly average high of $117.72 per barrel in June. This was after consecutive monthly average price rises since December 2021.

Conclusion

The oil industry is an important industry within the energy sector and we hope the above oil price statistics will help you if you are looking for how to trade oil, in getting get a clear picture of how the oil market has been performing in the past as well as in making informed oil price forecasts.

This oil statistics article has included data from the various important benchmarks for crude oil prices worldwide including UK Brent, Dubai Crude (Fateh), West Texas Intermediate (WTI), and OPEC crude oil prices. The benchmarks are indispensable for referencing the many types and grades of oils around the world.