Brent crude oil is projected to have an average annual spot price of 84.15 U.S. dollars per barrel in 2024, according to a forecast from June 2024. This would be up by less than two U.S. dollars from the previous year, and also reflects the forecast WTI crude oil price.
All about Brent
Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the North Sea's Brent oilfield. It is a sweet light crude oil but slightly heavier than West Texas Intermediate. In this context, sweet refers to a low sulfur content and light refers to a relatively low density when compared to other crude oil benchmarks.
Price development in the 2020s
Oil prices are volatile, impacted by consumer demand and discoveries of new oilfields, new extraction methods such as fracking, and production caps routinely placed by OPEC on its member states. The price for Brent crude oil stood at an average of just 42 U.S. dollars in 2020, when the coronavirus pandemic resulted in a sudden demand drop. Two years later, sanctions on Russian energy imports, had pushed up prices to a new decade-high, above 100 U.S. dollars per barrel.
Spot prices for Brent crude oil in 2022 and 2023, with a forecast until 2025
(in U.S. dollars per barrel)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
EIA. (June 12, 2024). Spot prices for Brent crude oil in 2022 and 2023, with a forecast until 2025 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/409404/forecast-for-uk-brent-crude-oil-prices/
EIA. "Spot prices for Brent crude oil in 2022 and 2023, with a forecast until 2025 (in U.S. dollars per barrel)." Chart. June 12, 2024. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/409404/forecast-for-uk-brent-crude-oil-prices/
EIA. (2024). Spot prices for Brent crude oil in 2022 and 2023, with a forecast until 2025 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/409404/forecast-for-uk-brent-crude-oil-prices/
EIA. "Spot Prices for Brent Crude Oil in 2022 and 2023, with a Forecast until 2025 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 12 Jun 2024, https://www.statista.com/statistics/409404/forecast-for-uk-brent-crude-oil-prices/
EIA, Spot prices for Brent crude oil in 2022 and 2023, with a forecast until 2025 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/409404/forecast-for-uk-brent-crude-oil-prices/ (last visited July 27, 2024)
Spot prices for Brent crude oil in 2022 and 2023, with a forecast until 2025 (in U.S. dollars per barrel) [Graph], EIA, June 12, 2024. [Online]. Available: https://www.statista.com/statistics/409404/forecast-for-uk-brent-crude-oil-prices/