Dubai Crude Oil Price Monthly and Annualy

The Price of Dubai Crude Oil in International Commodity Markets for April 2024 is 89.39 dollars per barrel, as by the World Bank. In comparison to the previous month, March 2024, when Dubai Crude Oil was valued at 84.70 dollars per barrel, there has been a net change of 4.69 dollars. This represents a percentage increase of 5.25%. Looking back to April 2023, the Dubai Crude Oil price stood at 83.83 dollars per barrel. The current data reflects a dynamic market with a modest increase in Dubai Crude Oil prices from April 2023 to April 2024, signaling potential shifts in global economic trends.

Dubai Crude Oil Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 25 May 2024
Index Last 12 Months Nominal US Dollars($/bbl) Net-Chg Percentage-Chg
13April 2023$ 83.83--
12May 2023$ 75.08 $ -8.75-11.65 %
11June 2023$ 74.67 $ -0.41-0.55 %
10July 2023$ 80.46 $ 5.797.20 %
9August 2023$ 86.61 $ 6.157.10 %
8September 2023$ 93.08 $ 6.476.95 %
7October 2023$ 90.62 $ -2.46-2.71 %
6November 2023$ 83.45 $ -7.17-8.59 %
5December 2023$ 77.22 $ -6.23-8.07 %
4January 2024$ 78.86 $ 1.642.08 %
3February 2024$ 81.18 $ 2.322.86 %
2March 2024$ 84.70 $ 3.524.16 %
1April 2024$ 89.39 $ 4.695.25 %

Dubai Crude Oil Price Annual World Bank

The Dubai Crude Oil Price in 2023 stood at 81.98 dollars per barrel, reflecting the prevailing market conditions. This figure indicates the cost per unit of Dubai crude oil, a significant benchmark in the oil industry, during that particular year. The price represents the value assigned to a barrel of Dubai crude oil, which is used as a reference point for pricing various petroleum products and determining market trends.

In the preceding year, the Dubai Crude Oil Price for 2022 was recorded at 97.050 dollars per barrel. This figure signifies the cost per unit of Dubai crude oil, which served as a crucial benchmark in the oil industry throughout that particular year.

The Dubai Crude Oil Price experienced a significant net change of -15.07 dollars per barrel in 2023, signifying a substantial decrease of -18.38% in price. This notable shift demonstrates the volatility and dynamic nature of the oil market during that year. The price decrease reflects the interplay of various factors such as supply and demand dynamics, geopolitical events, and global economic conditions.

Source: World-bank
Year Price Nominal US Dollars($/bbl) Net-ChangePercentage-Change
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 $ 0.4828.40 %
1972 $ 1.82 $ 0.137.14 %
1973 $ 2.81 $ 0.9935.23 %
1974 $ 10.97 $ 8.1674.38 %
1975 $ 10.43 $ -0.54-5.18 %
1976 $ 11.63 $ 1.2010.32 %
1977 $ 12.57 $ 0.947.48 %
1978 $ 12.92 $ 0.352.71 %
1979 $ 29.82 $ 16.9056.67 %
1980 $ 35.85 $ 6.0316.82 %
1981 $ 34.29 $ -1.56-4.55 %
1982 $ 31.76 $ -2.53-7.97 %
1983 $ 28.73 $ -3.03-10.55 %
1984 $ 27.49 $ -1.24-4.51 %
1985 $ 26.46 $ -1.03-3.89 %
1986 $ 13.20 $ -13.26-100.45 %
1987 $ 16.94 $ 3.7422.08 %
1988 $ 13.22 $ -3.72-28.14 %
1989 $ 15.70 $ 2.4815.80 %
1990 $ 20.46 $ 4.7623.26 %
1991 $ 16.56 $ -3.90-23.55 %
1992 $ 17.19 $ 0.633.66 %
1993 $ 14.94 $ -2.25-15.06 %
1994 $ 14.67 $ -0.27-1.84 %
1995 $ 16.12 $ 1.459.00 %
1996 $ 18.54 $ 2.4213.05 %
1997 $ 18.10 $ -0.44-2.43 %
1998 $ 12.13 $ -5.97-49.22 %
1999 $ 17.17 $ 5.0429.35 %
2000 $ 26.08 $ 8.9134.16 %
2001 $ 22.71 $ -3.37-14.84 %
2002 $ 23.72 $ 1.014.26 %
2003 $ 26.74 $ 3.0211.29 %
2004 $ 33.46 $ 6.7220.08 %
2005 $ 49.29 $ 15.8332.12 %
2006 $ 61.43 $ 12.1419.76 %
2007 $ 68.37 $ 6.9410.15 %
2008 $ 93.78 $ 25.4127.10 %
2009 $ 61.75 $ -32.03-51.87 %
2010 $ 78.06 $ 16.3120.89 %
2011 $ 106.03 $ 27.9726.38 %
2012 $ 108.90 $ 2.872.64 %
2013 $ 105.43 $ -3.47-3.29 %
2014 $ 96.66 $ -8.77-9.07 %
2015 $ 51.18 $ -45.48-88.86 %
2016 $ 41.20 $ -9.98-24.22 %
2017 $ 53.12 $ 11.9222.44 %
2018 $ 69.15 $ 16.0323.18 %
2019 $ 63.18 $ -5.97-9.45 %
2020 $ 42.17 $ -21.01-49.82 %
2021 $ 68.81 $ 26.6438.72 %
2022 $ 97.05 $ 28.2429.10 %
2023 $ 81.98 $ -15.07-18.38 %

Introduction

The Dubai Crude Oil Price is a pricing benchmark for crude oil extracted in the Middle East and exported to Asian markets. It represents the cost of oil extracted from the Dubai and Oman fields, which are prominent oil-producing regions in the Arabian Peninsula. The pricing of Dubai crude serves as a reference point for oil trades in the Asian region.

Determining Factors of Dubai Crude Oil Price

Various factors influence the fluctuations in the Dubai Crude Oil Price. Here are some of the key determinants:

 1. Supply and Demand Dynamics

The fundamental principle of supply and demand heavily influences the Dubai Crude Oil Price. When the oil demand surpasses the available supply, prices tend to rise. Conversely, if the supply exceeds demand, prices are likely to decline. Factors such as geopolitical tensions, economic growth, and global energy consumption patterns impact the balance between supply and demand.

 2. OPEC Influence

As a member of the Organization of the Petroleum Exporting Countries (OPEC), the United Arab Emirates (UAE) plays a significant role in shaping oil prices, including the Dubai Crude Oil Price. OPEC's decisions regarding production levels and quotas directly impact the availability of oil in the market, thereby influencing prices.

 3. Benchmark Spreads

The pricing of Dubai crude is also influenced by benchmark spreads, specifically the price differentials between Dubai crude and other prominent crude oil benchmarks like Brent and West Texas Intermediate (WTI). Changes in the spreads can affect the competitiveness and attractiveness of Dubai crude, thereby influencing its price.

Implications of Dubai Crude Oil Price

The Dubai Crude Oil Price has far-reaching implications that extend beyond the energy sector. Here are some key implications:

 1. Impact on Global Oil Markets

Given its significance as a pricing benchmark in Asia, fluctuations in the Dubai Crude Oil Price have a ripple effect on global oil markets. As the price changes, it can influence the trading activities, investment decisions, and profitability of oil companies, traders, and investors worldwide.

 2. Economic Effects

Changes in the Dubai Crude Oil Price can have profound economic effects on both oil-exporting and oil-importing countries. For oil-exporting countries, a higher price can lead to increased revenues and economic growth. Conversely, oil-importing nations may face challenges as higher oil prices can result in increased energy costs, inflationary pressures, and trade imbalances.

 3. Geopolitical Considerations

The Dubai Crude Oil Price is closely linked to geopolitical developments in the Middle East. Tensions in the region, conflicts, and political events can disrupt oil supplies and impact the price of Dubai crude. These dynamics have implications for global energy security and international relations.

Conclusion

The Dubai Crude Oil Price is a vital benchmark in the Asian energy market, influenced by factors like supply, demand, OPEC decisions, and benchmark spreads. Fluctuations impact global oil markets, economies, and geopolitical stability. Understanding this price helps stakeholders make informed decisions and navigate the energy landscape effectively.

Remember, staying updated on the Dubai Crude Oil Price and its underlying factors is essential for anyone involved in the energy industry or those impacted by its economic and geopolitical consequences.