Crude oil prices: Brent Crude 2014-2021

Brent crude oil is forecast to have a price of 47.81 U.S. dollars per barrel in 2021 (forecast as of May 2020), which is a major reduction from the previous 2021 forecast price of 67.53 U.S. dollars per barrel that was presented in January 2020. That was before international oil prices collapsed due to dramatic reductions in demand as a result of the COVID-19 crisis and a production dispute between Saudi Arabia and Russia.

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 Brent oilfield in the North Sea. 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.

Brent crude oil prices

It is no secret that oil prices are volatile. The price for Brent crude oil stood at an average of 64.37 U.S. dollars per barrel in 2019. Annual average prices were the highest on record in 2013, at 108.56 U.S. dollars per barrel. During 2020, it is forecast that it will fall to some 33 U.S. dollars per barrel due to the 2020 oil crisis. The 2020 oil crisis comes just four years after the 2016 oil glut, which brought Brent Crude’s average 2016 price to 43.74 U.S. dollars per barrel. The price recovered reasonably well by 2019 after the oil glut heavily impacted prices between 2014 and 2017.