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Energy Insight: Prices: North Sea crude oil prices (DSS14)

Energy Institute; 04/05/2023

The price of Brent crude closely mirrors those of the OPEC crudes (see DSS13 OPEC prices). Geopolitical, economic, and natural events influence both.

The increase in price between 1998 and 2008 was partly due to the increase in demand, especially the BRIC countries of Brasil, India and China, and the decrease in supply due to the embargoes such as that on Iranian OIl.

The worldwide economic crisis in 2008 caused a rapid drop in prices, which then more than recovered to see prices well exceeding $100 per barrel.

Since 2010 the downturn in the economies of various countries, the emergence of the shale industry and the increase in the supply of renewable energy contributed to the drop in price to around $30 for Brent in January 2016.

Through 2017, Brent prices were fairly stably although they rose to $64.14 in December and remained in the 60 and 70 dollar range through 2018 with a high of $ 81.82 in October.

2019 saw another fairly stable year with a high of $71.15 in April and a December price of $66.90.

The sudden appearance of the Covid 19 virus resulted in a dramatic drop in demand, which, coming at a time of high global stocks and over-production, led to a drop in pices to $55.45 in February which continued to a low of $18.83. Fpollowing production cuts agreedby OPEC, the price rose to over $49 bbl by the end of 2020.

2021 saw the price of Brent rise to pre Covid levels, but 2022 saw the price rise even more steeply following Russia's invasion of Ukraine on 24 February 2022. By June 2022 it had reached $123.64. Since then it has dropped, and by March 2023 had fallen to $78.29 bbl, but that is still still higher than any monthly average in 2020.

Energy Insight details

DSS14 - Brent Prices.xlsx
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Physical description: Pdf; statistical datasheet, available to logged-in EI members and subscribers

Keywords: Prices

Countries: North Sea -

Subjects: Banking, finance and investment, Trading, Statistics, Crude oil, Oil and gas, Oil, Prices