Between 2002 and 2023, prices of OPEC Reference Basket oils fluctuated dramatically. For example, Saharan Blend from Algeria stood at some 25 U.S. dollars per barrel in 2002. Ten years later, this figure had increased to more than 111 U.S. dollars. In 2023, it stood at 83.64 U.S. dollars.
Oil prices: a rollercoaster ride
Oil prices are inherently volatile due to the speculative nature of their price determination. Thus, sudden economic and geopolitical events may have big influences on pricing. For example, some of the major factors behind price fluctuation since the 2000s have been the global financial crisis in 2008, the 2020 coronavirus pandemic, and the energy supply crisis and subsequent Russia-Ukraine war in 2022. As a result, the OPEC crude oil price have oscillated between lows of 40 U.S. dollars and highs of 110 U.S. dollars.
Shale oil overproduction leads to 2010 oil glut
The 2010s price crash was caused in part by ever-growing production of domestic shale and tight oil in the United States. Though nearly 80 percent of global oil reserves can be found in OPEC countries, the United States has become the largest producer of oil worldwide in the last ten years.
Average annual spot prices of individual crude oils in the OPEC Reference Basket in select years from 2002 to 2023
(in U.S. dollars per barrel)
Characteristic
2002
2012
2023
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OPEC Reference Basket (ORB): Up to May 2005, ORB was calculated according to the old methodology. As of June 16, 2005, the new Basket
methodology was implemented (for details, please refer to OPEC Basket definition under ‘General Notes’). Basrah Light: up to 2001, delivery ex–Yanbu. As of 2002, quotations for US market and as of June 16, 2005, Market Weighted Average. Up to 2005, prices are averages of weekly fob quotations. As of 2006,
based on daily quotations.
* Prior to 2009, price of BCF–17 which was the component of the OPEC Basket and was replaced by Merey in 2009.
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OPEC. (July 1, 2024). Average annual spot prices of individual crude oils in the OPEC Reference Basket in select years from 2002 to 2023 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/292424/opec-reference-basket-oil-prices/
OPEC. "Average annual spot prices of individual crude oils in the OPEC Reference Basket in select years from 2002 to 2023 (in U.S. dollars per barrel)." Chart. July 1, 2024. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/292424/opec-reference-basket-oil-prices/
OPEC. (2024). Average annual spot prices of individual crude oils in the OPEC Reference Basket in select years from 2002 to 2023 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/292424/opec-reference-basket-oil-prices/
OPEC. "Average Annual Spot Prices of Individual Crude Oils in The Opec Reference Basket in Select Years from 2002 to 2023 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 1 Jul 2024, https://www.statista.com/statistics/292424/opec-reference-basket-oil-prices/
OPEC, Average annual spot prices of individual crude oils in the OPEC Reference Basket in select years from 2002 to 2023 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/292424/opec-reference-basket-oil-prices/ (last visited September 01, 2024)
Average annual spot prices of individual crude oils in the OPEC Reference Basket in select years from 2002 to 2023 (in U.S. dollars per barrel) [Graph], OPEC, July 1, 2024. [Online]. Available: https://www.statista.com/statistics/292424/opec-reference-basket-oil-prices/