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

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 Brazil, 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. Following production cuts agreed by 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 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



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