Brent Crude Oil Price Monthly and Annualy
Brent Crude Oil Price in International Commodity Markets in October 2023 is about 91.06 dollars per barrel estimated by World Bank. In the Previous Month, September 2023, Brent crude oil worth was 94.00 dollars per barrel. Last year in October 2022, the price was 93.13 dollars per barrel.
Brent Crude Oil Price in Last 12 Months World Bank
Source: World-bank
Last Updated: 06 Dec 2023
| 13 | October 2022 | $ 93.13 | - | - |
| 12 | November 2022 | $ 91.07 | $ -2.06 | -2.26 % |
| 11 | December 2022 | $ 80.90 | $ -10.17 | -12.57 % |
| 10 | January 2023 | $ 83.09 | $ 2.19 | 2.64 % |
| 9 | February 2023 | $ 82.71 | $ -0.38 | -0.46 % |
| 8 | March 2023 | $ 78.53 | $ -4.18 | -5.32 % |
| 7 | April 2023 | $ 84.11 | $ 5.58 | 6.63 % |
| 6 | May 2023 | $ 75.70 | $ -8.41 | -11.11 % |
| 5 | June 2023 | $ 74.89 | $ -0.81 | -1.08 % |
| 4 | July 2023 | $ 80.10 | $ 5.21 | 6.50 % |
| 3 | August 2023 | $ 86.16 | $ 6.06 | 7.03 % |
| 2 | September 2023 | $ 94.00 | $ 7.84 | 8.34 % |
| 1 | October 2023 | $ 91.06 | $ -2.94 | -3.23 % |
Brent Crude Oil Price Annual World Bank
The estimated Brent Crude Oil Price in 2022 stood at $99.82 per barrel. This price reflects the market valuation of Brent Crude, a benchmark for global oil prices, during that specific year. The figure demonstrates the economic significance and volatility of the oil industry, as fluctuations in crude oil prices have far-reaching impacts on various sectors worldwide.
In the preceding year, the Brent Crude Oil Price in 2021 was recorded at $70.44 per barrel. This figure represents the average valuation of Brent Crude, a key global benchmark for oil prices, during that particular year.
The Brent Crude Oil Price experienced a significant net change in 2022, amounting to $29.38. This represents a notable increase of approximately 29.43% in price. The substantial profit gained from the rise in Brent Crude Oil Price in 2022 underscores the potential for lucrative returns in the oil industry.
| 1960 | $ 1.63 | - | - |
| 1961 | $ 1.57 | $ -0.06 | -3.82 % |
| 1962 | $ 1.52 | $ -0.05 | -3.29 % |
| 1963 | $ 1.50 | $ -0.02 | -1.33 % |
| 1964 | $ 1.45 | $ -0.05 | -3.45 % |
| 1965 | $ 1.42 | $ -0.03 | -2.11 % |
| 1966 | $ 1.36 | $ -0.06 | -4.41 % |
| 1967 | $ 1.33 | $ -0.03 | -2.26 % |
| 1968 | $ 1.32 | $ -0.01 | -0.76 % |
| 1969 | $ 1.27 | $ -0.05 | -3.94 % |
| 1970 | $ 1.21 | $ -0.06 | -4.96 % |
| 1971 | $ 1.69 | $ 0.48 | 28.40 % |
| 1972 | $ 1.82 | $ 0.13 | 7.14 % |
| 1973 | $ 2.81 | $ 0.99 | 35.23 % |
| 1974 | $ 10.97 | $ 8.16 | 74.38 % |
| 1975 | $ 10.43 | $ -0.54 | -5.18 % |
| 1976 | $ 11.63 | $ 1.20 | 10.32 % |
| 1977 | $ 12.57 | $ 0.94 | 7.48 % |
| 1978 | $ 12.92 | $ 0.35 | 2.71 % |
| 1979 | $ 32.11 | $ 19.19 | 59.76 % |
| 1980 | $ 37.89 | $ 5.78 | 15.25 % |
| 1981 | $ 36.68 | $ -1.21 | -3.30 % |
| 1982 | $ 33.42 | $ -3.26 | -9.75 % |
| 1983 | $ 29.83 | $ -3.59 | -12.03 % |
| 1984 | $ 28.80 | $ -1.03 | -3.58 % |
| 1985 | $ 27.33 | $ -1.47 | -5.38 % |
| 1986 | $ 14.77 | $ -12.56 | -85.04 % |
| 1987 | $ 18.34 | $ 3.57 | 19.47 % |
| 1988 | $ 14.97 | $ -3.37 | -22.51 % |
| 1989 | $ 18.22 | $ 3.25 | 17.84 % |
| 1990 | $ 23.68 | $ 5.46 | 23.06 % |
| 1991 | $ 20.07 | $ -3.61 | -17.99 % |
| 1992 | $ 19.31 | $ -0.76 | -3.94 % |
| 1993 | $ 17.02 | $ -2.29 | -13.45 % |
| 1994 | $ 15.83 | $ -1.19 | -7.52 % |
| 1995 | $ 17.07 | $ 1.24 | 7.26 % |
| 1996 | $ 20.65 | $ 3.58 | 17.34 % |
| 1997 | $ 19.09 | $ -1.56 | -8.17 % |
| 1998 | $ 12.72 | $ -6.37 | -50.08 % |
| 1999 | $ 17.81 | $ 5.09 | 28.58 % |
| 2000 | $ 28.27 | $ 10.46 | 37.00 % |
| 2001 | $ 24.42 | $ -3.85 | -15.77 % |
| 2002 | $ 24.97 | $ 0.55 | 2.20 % |
| 2003 | $ 28.85 | $ 3.88 | 13.45 % |
| 2004 | $ 38.30 | $ 9.45 | 24.67 % |
| 2005 | $ 54.43 | $ 16.13 | 29.63 % |
| 2006 | $ 65.39 | $ 10.96 | 16.76 % |
| 2007 | $ 72.70 | $ 7.31 | 10.06 % |
| 2008 | $ 97.64 | $ 24.94 | 25.54 % |
| 2009 | $ 61.86 | $ -35.78 | -57.84 % |
| 2010 | $ 79.64 | $ 17.78 | 22.33 % |
| 2011 | $ 110.94 | $ 31.30 | 28.21 % |
| 2012 | $ 111.97 | $ 1.03 | 0.92 % |
| 2013 | $ 108.86 | $ -3.11 | -2.86 % |
| 2014 | $ 98.94 | $ -9.92 | -10.03 % |
| 2015 | $ 52.37 | $ -46.57 | -88.92 % |
| 2016 | $ 44.05 | $ -8.32 | -18.89 % |
| 2017 | $ 54.39 | $ 10.34 | 19.01 % |
| 2018 | $ 71.07 | $ 16.68 | 23.47 % |
| 2019 | $ 64.03 | $ -7.04 | -10.99 % |
| 2020 | $ 42.30 | $ -21.73 | -51.37 % |
| 2021 | $ 70.44 | $ 28.14 | 39.95 % |
| 2022 | $ 99.82 | $ 29.38 | 29.43 % |
Introduction
In today's interconnected world, the price of crude oil plays a crucial role in shaping economies and driving market trends. One of the most closely watched benchmarks for oil prices is Crude Brent Price. In this article, we delve into the intricacies of Crude Brent Price, its significance in the global market, and how it influences various sectors. By gaining a deeper understanding of this key metric, businesses, and investors can make informed decisions to navigate the ever-changing landscape of the energy industry.
What is Crude Brent Price?
Crude Brent Price refers to the price of crude oil extracted from the North Sea, specifically from four oilfields: Brent, Forties, Oseberg, and Ekofisk (hence the acronym "BFOE"). The price is determined based on the supply and demand dynamics of this particular blend of oil. Brent crude is known for its relatively low sulfur content, which makes it a desirable option for refining into gasoline and diesel fuel.
The Significance of Crude Brent Price
As one of the major oil price benchmarks, Crude Brent Price holds immense importance for global markets. Here are a few reasons why:
1. Global Oil Pricing
Crude Brent Price serves as a reference point for pricing crude oil around the world. It influences the cost of petroleum products, including gasoline, diesel, and jet fuel. Changes in Brent prices often have a ripple effect on fuel prices at the pump, impacting consumers and businesses alike.
2. Market Sentiment
Crude Brent Price reflects market sentiment and provides insights into the overall health of the oil industry. It is closely monitored by traders, analysts, and investors to gauge market trends, anticipate future price movements, and make investment decisions.
3. Impact on Economies
Fluctuations in Crude Brent Prices can significantly impact economies, especially those heavily reliant on oil exports. Countries with substantial oil reserves often experience revenue volatility and economic challenges when prices plummet or surge. Governments and policymakers closely track oil prices to assess fiscal health and plan for potential economic risks.
4. Investment Opportunities
Crude Brent Price influences investment decisions in the energy sector. As prices rise, it may signal increased profitability for oil producers, attracting investors seeking growth opportunities. Conversely, lower prices can present favorable conditions for industries reliant on oil as an input, such as transportation and manufacturing.
Factors Affecting Crude Brent Price
Various factors contribute to the fluctuations in Crude Brent prices. While supply and demand dynamics are the primary drivers, other factors include:
1. Geopolitical Events
Political tensions, conflicts, and disruptions in major oil-producing regions can lead to supply disruptions and affect Brent prices. Any unrest or conflicts in oil-rich countries can send shockwaves through the global market, causing prices to spike.
2. OPEC and Non-OPEC Decisions
Decisions made by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations, collectively known as OPEC+, have a significant impact on the global oil supply. Production cuts or increases can directly influence Crude Brent prices.
3. Macroeconomic Factors
Economic indicators, such as GDP growth, inflation rates, and currency fluctuations, influence oil demand. A robust global economy often translates to higher oil demand, exerting upward pressure on Brent prices.
4. Energy Transition Initiatives
The global shift towards renewable energy sources, policies promoting cleaner technologies, and concerns about climate change can affect the long-term demand for crude oil. Such developments can introduce uncertainty into the oil market and influence Brent prices.
Crude Brent Price and the Energy Industry
The energy industry relies on Crude Brent Prices for numerous reasons:
1. Production Planning
Oil companies utilize Brent prices as a reference point to plan their production levels and estimate profitability. Higher prices can incentivize increased production, while lower prices may necessitate cost-cutting measures.
2. Risk Management
Companies engaged in oil exploration, production, and refining often employ various financial instruments to manage price risks. Brent prices serve as a benchmark for derivatives contracts, allowing industry participants to hedge against price volatility.
3. Refinery Operations
Refineries use Brent crude as a benchmark to determine the prices of refined petroleum products. Fluctuations in Brent prices directly impact the cost of raw materials for refineries, influencing their profit margins.
4. Investment Decision-making
Investors in the energy sector closely monitor Brent prices to evaluate the financial viability of oil projects, assess profitability, and make informed investment decisions.
Conclusion
In conclusion, understanding Crude Brent Price is essential for comprehending the dynamics of the global oil market. As a benchmark for crude oil pricing, it influences fuel costs, market sentiment, and investment strategies. By keeping a keen eye on the factors affecting Crude Brent prices, businesses, investors, and policymakers can navigate the complexities of the energy industry more effectively.