Dubai Crude Oil Price Monthly and Annualy
Dubai Crude Oil Price in International Commodity Markets in October 2023 is about 90.62 dollars per barrel estimated by World Bank. In the Previous Month, September 2023 dubai crude oil worth was 93.08 dollars per barrel. Last year in October 2022 the price was 90.59 dollars per barrel.
Dubai Crude Oil Price in Last 12 Months World Bank
Source: World-bank
Last Updated: 10 Dec 2023
| 13 | October 2022 | $ 90.59 | - | - |
| 12 | November 2022 | $ 86.28 | $ -4.31 | -5.00 % |
| 11 | December 2022 | $ 76.78 | $ -9.50 | -12.37 % |
| 10 | January 2023 | $ 80.03 | $ 3.25 | 4.06 % |
| 9 | February 2023 | $ 81.21 | $ 1.18 | 1.45 % |
| 8 | March 2023 | $ 77.52 | $ -3.69 | -4.76 % |
| 7 | April 2023 | $ 83.83 | $ 6.31 | 7.53 % |
| 6 | May 2023 | $ 75.08 | $ -8.75 | -11.65 % |
| 5 | June 2023 | $ 74.67 | $ -0.41 | -0.55 % |
| 4 | July 2023 | $ 80.46 | $ 5.79 | 7.20 % |
| 3 | August 2023 | $ 86.61 | $ 6.15 | 7.10 % |
| 2 | September 2023 | $ 93.08 | $ 6.47 | 6.95 % |
| 1 | October 2023 | $ 90.62 | $ -2.46 | -2.71 % |
Dubai Crude Oil Price Annual World Bank
The estimated Dubai Crude Oil Price in 2022 stood at $97.05 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 2021 was recorded at $68.81 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 2021 price reflects the economic dynamics and factors that influenced the global oil market during that time.
The Dubai Crude Oil Price experienced a significant net change of $28.24 in 2022, signifying a substantial increase of approximately 29.10% in price. This notable shift demonstrates the volatility and dynamic nature of the oil market during that year. The price increase reflects the interplay of various factors such as supply and demand dynamics, geopolitical events, and global economic conditions.
Source: World-bank
| 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 | $ 29.82 | $ 16.90 | 56.67 % |
| 1980 | $ 35.85 | $ 6.03 | 16.82 % |
| 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 | $ 3.74 | 22.08 % |
| 1988 | $ 13.22 | $ -3.72 | -28.14 % |
| 1989 | $ 15.70 | $ 2.48 | 15.80 % |
| 1990 | $ 20.46 | $ 4.76 | 23.26 % |
| 1991 | $ 16.56 | $ -3.90 | -23.55 % |
| 1992 | $ 17.19 | $ 0.63 | 3.66 % |
| 1993 | $ 14.94 | $ -2.25 | -15.06 % |
| 1994 | $ 14.67 | $ -0.27 | -1.84 % |
| 1995 | $ 16.12 | $ 1.45 | 9.00 % |
| 1996 | $ 18.54 | $ 2.42 | 13.05 % |
| 1997 | $ 18.10 | $ -0.44 | -2.43 % |
| 1998 | $ 12.13 | $ -5.97 | -49.22 % |
| 1999 | $ 17.17 | $ 5.04 | 29.35 % |
| 2000 | $ 26.08 | $ 8.91 | 34.16 % |
| 2001 | $ 22.71 | $ -3.37 | -14.84 % |
| 2002 | $ 23.72 | $ 1.01 | 4.26 % |
| 2003 | $ 26.74 | $ 3.02 | 11.29 % |
| 2004 | $ 33.46 | $ 6.72 | 20.08 % |
| 2005 | $ 49.29 | $ 15.83 | 32.12 % |
| 2006 | $ 61.43 | $ 12.14 | 19.76 % |
| 2007 | $ 68.37 | $ 6.94 | 10.15 % |
| 2008 | $ 93.78 | $ 25.41 | 27.10 % |
| 2009 | $ 61.75 | $ -32.03 | -51.87 % |
| 2010 | $ 78.06 | $ 16.31 | 20.89 % |
| 2011 | $ 106.03 | $ 27.97 | 26.38 % |
| 2012 | $ 108.90 | $ 2.87 | 2.64 % |
| 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 | $ 11.92 | 22.44 % |
| 2018 | $ 69.15 | $ 16.03 | 23.18 % |
| 2019 | $ 63.18 | $ -5.97 | -9.45 % |
| 2020 | $ 42.17 | $ -21.01 | -49.82 % |
| 2021 | $ 68.81 | $ 26.64 | 38.72 % |
| 2022 | $ 97.05 | $ 28.24 | 29.10 % |
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.