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Energy Insight: Prices: North Sea crude oil prices (DSS14)
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.
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 a peak of $123.64 bbl. The average price per barrel for 2022 was $100.92.
Since June 2022 the price per barrel has dropped, and by June 2023 had fallen to $74.73 bbl, but that was still higher than any monthly average in 2020 when Covid-19 affected prices. Supply cuts by OPEC+ caused a surge in prices in July 2023 which further increased in September 2023 to $93.96 bbl due to geopolitical tensions in the Middle East, before falling again to $77.98 bbl in December due to demand concerns. The average price per barrel in 2023 was $82.69, $18.23 bbl less than in 2022.
Energy Insight details
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