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Oil and gasoline prices - statistics & facts

Like all commodities, crude oil prices are determined by supply and demand, geopolitical events, and the state of the economy as a whole. Oil and its derivatives have a wide array of uses as transportation fuels, synthetic materials such as plastics, and as a source of energy generation. On a macro level, crude oil prices thus shape manufacturing and production costs; while on a micro level, consumers may see its impact through retail price fluctuations of motor fuels like gasoline. The most important benchmarks used as reference for traders include Brent, West Texas Intermediate (WTI), and the OPEC basket.

Highs and lows of oil prices in the past decade

In the past decade, oil prices have been particularly volatile. Following the Great Recession, production caps by the largest oil producing body, OPEC, saw prices climb to historic highs. The OPEC reference basket reached an annual average of 109.45 U.S. dollars per barrel in 2012, while Brent crude climbed to 111.63 U.S. dollars. This surge in prices incentivized North American oil and gas producers to reinforce hitherto unprofitable extraction methods for shale oil and oil sands, which contributed to the oil glut of 2016. That year, benchmarks fell below an annual average of 45 U.S. dollars per barrel. The following three years had seen prices initially recover. However, the 2020 coronavirus pandemic and resulting mobility restrictions had dire effects on the industry. April 2020 recorded some of the lowest ever closing prices for crude oils, with WTI even trading at negative prices for some time.

The Russia-Ukraine war and its impact on fuel prices

Two years into the coronavirus pandemic, an increase in economic activity and the Russia-Ukraine war have led to benchmarks surging to highs not seen since 2008. In the months since the outbreak of the war, weekly crude oil prices rose to over 120 U.S. per barrel, as traders expected severe bottlenecks following sanctions on Russian exports. Although demand forecasts have been lowered in the wake of rising inflation rates, prices are expected to remain volatile going into winter - a time usually marked by high power and heating fuel demand.

Gasoline prices amid the energy crisis

Crude oil prices are the greatest determinant for motor fuel prices. As such, the steep increase in raw materials was immediately noticeable to drivers around the world. In the summer of 2022, the average price of regular unleaded gasoline in the United Kingdom was nearly twice as high as prices two years prior. Meanwhile, Japan’s gasoline retail prices increased by around 40 percent in the same time span, whereas average petrol prices in Nigeria rose to above 190 Naira per liter.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Jessica Aizarani, Jan 31, 2023

Key insights

Global oil production
89.9m bbl/d
Global oil consumption
94.1m bbl/d
Forecast gasoline demand 2025
27.6m bbl/d
Get more insights

Editor’s Picks Current statistics on this topic

Closing price of Brent, OPEC basket, and WTI crude oil at the beginning of each week from March 2, 2020 to February 27, 2023 (in U.S. dollars per barrel)

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Weekly oil prices in Brent, OPEC basket, and WTI futures 2020-2023

Average annual OPEC crude oil price from 1960 to 2023 (in U.S. dollars per barrel)

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OPEC oil price annually 1960-2023

Brent crude oil prices in 2020 and 2021, with a forecast until 2023 (in U.S. dollars per barrel)

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Brent oil price forecast 2020-2023

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