Brent WTI Oman Prices (Yearly Average)
Formula pricing constitutes the basis of the current international oil pricing regime. The formula used in pricing oil is straightforward: the price of a certain variety of crude oil is set as a differential to a certain marker or benchmark price
This system relies on key benchmarks like Brent Crude (global standard), West Texas Intermediate (WTI) (US benchmark), and Dubai/Oman (for Asian markets) to price different crudes, with prices determined by quality differentials, supply–demand dynamics and geopolitical factors
These benchmarks represent specific, consistent oil grades (light, sweet/sour) and provide reference points for global contracts, with other crudes pricing at a premium or discount to these benchmarks
Brent Crude is the most common benchmark used for European, African, and Middle Eastern markets. West Texas Intermediate (WTI) is a light, sweet US crude, priced at Cushing, Oklahoma, and serves as the North American benchmark
Dubai/Oman, a blend of medium, sour crudes, is used to price Middle Eastern oil exported to Asia. Initially, the benchmark included only crude oil produced in Dubai. Due to the rapid decline in Dubai’s oil production, Oman was introduced into the assessment mechanism
In the early stages of the current oil pricing system (mid to late 1980s), crude oil was priced off spot market quotations of these benchmarks as assessed by oil reporting agencies such as Platts and Argus. Serious doubts later emerged about the ability of the spot physical market to generate prices that accurately reflected the true value of the physical barrel. This was mainly due to declining production of these benchmark crudes, which made price discovery increasingly difficult
The alternative was found in the futures market, where standardized contracts with deep liquidity began to provide transparent, reliable, and continuously discovered prices
ICE Brent – 1st Forward Month is the nearest upcoming monthly futures contract for Brent crude oil traded on the ICE exchange in London
NYMEX WTI – 1st Forward Month is the nearest active futures contract for WTI (West Texas Intermediate) crude oil traded on the NYMEX exchange in the US
DME Oman – 1st Forward Month is the nearest active futures contract for Oman crude traded on the Dubai Mercantile Exchange (DME)
ICE Brent – 6th Forward Month / 12th Forward Month are the Brent crude oil futures contracts for delivery six and twelve months ahead, traded on the ICE exchange in London. These reflect the market’s medium-term price expectations and are widely used to assess supply–demand trends, producer hedging strategies, and future price direction beyond short-term volatility
DME Oman 6th Forward Month / 12th Forward Month and NYMEX WTI 6th Forward Month / 12th Forward Month serve a similar purpose
Table below captures trend in yearly average prices of various benchmarks (Source: OPEC)
For the year 2024, ICE Brent 1st forward month average was $79.9/bbl, ICE Brent 6th forward month was $77.5/bbl while ICE Brent 12th forward month was $75.5/bbl
During the same period, NYMEX WTI 1st forward month average was $75.8/bbl, NYMEX WTI 6th forward month average was $73.4/bbl while NYMEX WTI 12th forward month average was $71.1/bbl
DME Oman 1st forward month average was $79.6/bbl, DME Oman 6th forward month average was $77.3/bbl and DME Oman 12th forward month average was $75.3/bbl
This consistent pattern across the three benchmarks —near-term price higher than future prices — is called backwardation. In simple terms, it means that during 2024, on average, oil was priced higher for immediate delivery than for delivery 6 or 12 months later
| Year | ICE Brent 1st forward month | ICE Brent 6th forward month | ICE Brent 12th forward month | NYMEX WTI 1st forward month | NYMEX WTI 6th forward month | NYMEX WTI 12th forward month | DME Oman 1st forward month | DME Oman 6th forward month | DME Oman 12th forward month | ICE Brent to NYMEX WTI Delta 1st forward month | ICE Brent to DME Oman Delta 1st forward month |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 79.9 | 77.5 | 75.5 | 75.8 | 73.4 | 71.1 | 79.6 | 77.3 | 75.3 | 4.1 | 0.3 |
| 2023 | 82.2 | 80.1 | 77.8 | 77.6 | 76.0 | 73.5 | 82.0 | 79.6 | 77.4 | 4.6 | 0.2 |
| 2022 | 99.0 | 91.6 | 86.7 | 94.3 | 87.5 | 82.1 | 96.3 | 88.1 | 83.1 | 4.7 | 2.7 |
| 2021 | 71.0 | 68.3 | 65.9 | 68.1 | 65.6 | 62.7 | 69.5 | 66.6 | 64.2 | 2.8 | 1.5 |
| 2020 | 43.2 | 45.2 | 46.2 | 39.3 | 41.9 | 42.7 | 43.0 | 44.5 | 45.5 | 3.9 | 0.2 |
| 2019 | 64.2 | 62.3 | 61.2 | 57.0 | 56.8 | 55.5 | 64.0 | 60.9 | 59.7 | 7.1 | 0.2 |
| 2018 | 71.7 | 70.7 | 68.9 | 64.9 | 63.6 | 61.8 | 69.9 | 68.3 | 66.5 | 6.8 | 1.8 |
| 2017 | 54.7 | 55.1 | 54.9 | 50.9 | 52.0 | 51.9 | 53.2 | 53.5 | 53.3 | 3.9 | 1.5 |
| 2016 | 45.1 | 47.7 | 49.5 | 43.5 | 46.9 | 48.5 | 42.0 | 43.9 | 45.8 | 1.7 | 3.1 |
| 2015 | 53.6 | 57.2 | 60.2 | 48.7 | 52.6 | 55.1 | 51.3 | 54.4 | 57.3 | 4.9 | 2.4 |
| 2014 | 99.5 | 99.3 | 98.3 | 92.9 | 90.2 | 87.6 | 96.9 | 96.6 | 95.6 | 6.5 | 2.6 |
| 2013 | 108.7 | 105.9 | 103.0 | 98.0 | 96.3 | 93.0 | 105.6 | 103.1 | 100.8 | 10.7 | 3.1 |
| 2012 | 111.7 | 109.2 | 106.7 | 94.2 | 96.0 | 96.0 | 109.3 | 107.0 | 104.6 | 17.5 | 2.4 |
| 2011 | 110.9 | 109.4 | 108.1 | 95.1 | 97.2 | 97.8 | 106.8 | 105.5 | 104.6 | 15.8 | 4.1 |
| 2010 | 80.3 | 82.6 | 84.6 | 79.6 | 82.8 | 84.6 | 78.1 | 80.6 | 82.4 | 0.7 | 2.2 |
| 2009 | 62.7 | 67.0 | 70.4 | 62.1 | 67.4 | 70.6 | 62.3 | 64.5 | 67.5 | 0.6 | 0.4 |
| 2008 | 98.5 | 101.3 | 102.2 | 99.8 | 100.5 | 100.8 | 94.4 | 96.9 | 98.3 | -1.2 | 4.2 |
| 2007 | 72.7 | 73.3 | 73.2 | 72.4 | 73.0 | 72.9 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 |
| 2006 | 66.1 | 68.9 | 69.9 | 66.3 | 69.9 | 70.9 | 0.0 | 0.0 | 0.0 | -0.1 | 0.0 |
| 2005 | 55.1 | 56.4 | 55.7 | 56.6 | 58.1 | 57.4 | 0.0 | 0.0 | 0.0 | -1.5 | 0.0 |
| 2004 | 37.9 | 36.4 | 34.5 | 41.2 | 39.1 | 36.9 | 0.0 | 0.0 | 0.0 | -3.4 | 0.0 |
| 2003 | 28.4 | 26.6 | 24.9 | 31.0 | 28.1 | 26.2 | 0.0 | 0.0 | 0.0 | -2.6 | 0.0 |
| 2002 | 25.0 | 24.0 | 22.9 | 26.0 | 25.0 | 23.8 | 0.0 | 0.0 | 0.0 | -1.1 | 0.0 |
| 2001 | 24.9 | 24.1 | 23.0 | 26.0 | 25.4 | 24.2 | 0.0 | 0.0 | 0.0 | -1.1 | 0.0 |
| 2000 | 28.4 | 25.9 | 23.8 | 30.3 | 27.2 | 25.0 | 0.0 | 0.0 | 0.0 | -1.8 | 0.0 |
| 1999 | 18.0 | 17.0 | 16.2 | 19.3 | 18.3 | 17.5 | 0.0 | 0.0 | 0.0 | -1.3 | 0.0 |
| 1998 | 13.4 | 14.6 | 15.4 | 14.5 | 15.9 | 16.6 | 0.0 | 0.0 | 0.0 | -1.1 | 0.0 |
| 1997 | 19.4 | 19.1 | 18.7 | 20.7 | 20.4 | 20.0 | 0.0 | 0.0 | 0.0 | -1.3 | 0.0 |
| 1996 | 20.3 | 18.1 | 17.2 | 22.0 | 19.5 | 18.5 | 0.0 | 0.0 | 0.0 | -1.7 | 0.0 |
| 1995 | 17.0 | 16.4 | 16.3 | 18.4 | 17.7 | 17.5 | 0.0 | 0.0 | 0.0 | -1.4 | 0.0 |
| 1994 | 15.8 | 15.8 | 16.5 | 17.2 | 17.1 | 17.4 | 0.0 | 0.0 | 0.0 | -1.3 | 0.0 |
| 1993 | 17.2 | 17.8 | 0.0 | 18.5 | 19.2 | 19.5 | 0.0 | 0.0 | 0.0 | -1.3 | 0.0 |
| 1992 | 19.3 | 19.1 | 0.0 | 20.6 | 20.4 | 20.1 | 0.0 | 0.0 | 0.0 | -1.2 | 0.0 |
| 1991 | 20.0 | 19.3 | 0.0 | 21.6 | 20.6 | 20.2 | 0.0 | 0.0 | 0.0 | -1.6 | 0.0 |
| 1990 | 23.3 | 21.4 | 0.0 | 24.4 | 23.0 | 21.9 | 0.0 | 0.0 | 0.0 | -1.2 | 0.0 |
At the time of launch of the website, annual average prices from OPEC's Annual Statistical Bulletin 2025 (ASB) were available till 2024, however, prices for 2025 were available from World Bank Commodity Price Data as Average / Brent / Dubai / WTI prices
We have covered them separately in our section Oil Prices Annual (World Bank) . World Bank data also offers a longer time series, from 1960-2025, whereas OPEC's 2025 Bulletin covers data from 1990-2024
World Bank’s monthly crude oil prices are covered in our section Crude Oil Prices Monthly