Average annual OPEC crude oil price from 1960 to 2018 (in U.S. dollars per barrel)

OPEC oil price annually 1960-2018 This statistic depicts the average annual oil price for selected OPEC crude oils from 1960 to 2018. In 2017, the average annual oil price per barrel was 52.51 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries. The following countries are members of the organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates.
OPEC crude oil prices

OPEC is the abbreviation for “Organization of the Petroleum Exporting Countries”. The following countries are members of this organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. The OPEC was founded in 1960 in Baghdad, Iraq.

The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between given maxima and minima.

The OPEC Basket is one of the most significant benchmarks for crude oil prices worldwide. The most important benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market.
Show more
Loading statistic...
Expand statistic
Average price in U.S. dollars per barrel
2018*70.28
201752.51
201640.68
201549.49
201496.29
2013105.87
2012109.45
2011107.46
201077.38
200960.86
200894.1
200769.04
200661
200550.59
200436.05
200328.1
200224.36
200123.12
200027.6
199917.44
199812.28
199718.86
199620.29
199516.86
199415.53
199316.33
199218.44
199118.62
199022.26
198917.31
198814.24
198717.73
198613.53
198527.01
198428.2
198329.04
198232.38
198134
198035.52
197929.19
197812.79
197712.5
197611.6
197510.43
197411
19732.7
19721.82
19711.7
19701.21
19691.27
19681.32
19671.33
19661.36
19651.42
19641.45
19631.5
19621.52
19611.57
19601.63
Average price in U.S. dollars per barrel
2018*70.28
201752.51
201640.68
201549.49
201496.29
2013105.87
2012109.45
2011107.46
201077.38
200960.86
200894.1
200769.04
200661
200550.59
200436.05
200328.1
200224.36
200123.12
200027.6
199917.44
199812.28
199718.86
199620.29
199516.86
199415.53
199316.33
199218.44
199118.62
199022.26
198917.31
198814.24
198717.73
198613.53
198527.01
198428.2
198329.04
198232.38
198134
198035.52
197929.19
197812.79
197712.5
197611.6
197510.43
197411
19732.7
19721.82
19711.7
19701.21
19691.27
19681.32
19671.33
19661.36
19651.42
19641.45
19631.5
19621.52
19611.57
19601.63
Download Settings Share
Chart type
Datalabels
Share on Social Media
HTML code to embed chart as PNG (FAQ)
Download started
Please be patient - this may take a moment
Description Source More information
This statistic depicts the average annual oil price for selected OPEC crude oils from 1960 to 2018. In 2017, the average annual oil price per barrel was 52.51 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries. The following countries are members of the organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates.
OPEC crude oil prices

OPEC is the abbreviation for “Organization of the Petroleum Exporting Countries”. The following countries are members of this organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. The OPEC was founded in 1960 in Baghdad, Iraq.

The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between given maxima and minima.

The OPEC Basket is one of the most significant benchmarks for crude oil prices worldwide. The most important benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market.
Show more
Release date
October 2018
Region
Worldwide
Survey time period
1960 to 2018
Supplementary notes
* Preliminary (January to September).
The prices are annual averages of selected OPEC crude oils (OPEC basket).
Open this statistic in...

More information

Statista Accounts: Access All Statistics. Starting from $588 / Year

Basic Account

Get to know the platform

You only have access to basic statistics.

Register for free

Premium Account

Your perfect start with Statista

  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$49 / Month *

Corporate Account

Full access

Corporate solution including all features.

Send request

* All products require an annual contract.
   Prices do not include sales tax
   (New York residents only).
Leading companies trust Statista:
paypalgoogleadobepgsamsungtelekom

Related Studies: Available to Download in PDF or PPTX Format

Oil and gasoline prices
Oil and gasoline prices

All Information
in one Presentation

Oil and gasoline prices

Everything On "Oil and gasoline prices" in One Document: Edited and Divided into Handy Chapters. Including Detailed References.

Statista is a great source of knowledge, and pretty helpful to manage the daily work.
Christof Baron

Christof Baron
CEO, MindShare Germany

Statistics on "Oil and gasoline prices"

  • Global price determinants
  • UK Brent
  • West Texas Intermediate (WTI)
  • OPEC basket
  • Country comparison
  • United States - prices
  • United States - taxes
Need help with using Statista for your research? Tutorials and first steps

Further Content: Statistics, Studies, and Topic Pages

Statistics on the topic

Topics

About Statista

Learn more about how Statista can support your business.

Request webinar
Do you have any questions about our business solutions?

We provide you with detailed information about our Corporate Account.

News
News