West Texas Intermediate annual average oil price 1976-2020

In 2020, the preliminary average annual price of one barrel of West Texas Intermediate crude oil was 50.33 U.S. dollars. WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.”

Price of West Texas Intermediate crude oil

WTI is used as an oil pricing benchmark and also the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased dramatically, rising from just 12.23 U.S. dollar per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008.

Oil crisis and oil glut

The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since the 1980s. In early 2020, the coronavirus pandemic saw oil prices across the world slump, raising fears of a new oil crisis.

Average annual West Texas Intermediate (WTI) crude oil price from 1976 to 2020

Loading statistic...
You need to log in to download this statistic
Register for free
Already a member?
Log in
Show detailed source information?
Register for free
Already a member?
Log in
Sources

Release date

April 2020

Region

Worldwide

Survey time period

1976 to 2020

Supplementary notes

* 2019 data was calculated by Statista using monthly data, data for 2020 is preliminary as of February.

Open this statistic in...
Statista Accounts: Access All Statistics. Starting from $468 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.

Premium Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references
$59 $39 / Month *
in the first 12 months
Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.

Statistics on "Oil and gasoline prices"

Statista Accounts: Access All Statistics. Starting from $468 / Year
Learn more about how Statista can support your business.