Oil Prices Annual World Bank
(Data Source: World Bank Commodity Markets)
World Bank’s annual data series is available for prices of Crude oil-average, Brent, Dubai and WTI from 1960
These prices refer to:
Crude oil, average spot price of Brent, Dubai and West Texas Intermediate, equally weighed
Crude oil, UK Brent 38` API.
Crude oil, Dubai Fateh 32` API for years 1985-present; 1960-84 refer to Saudi Arabian Light, 34` API.
Crude oil, US, West Texas Intermediate (WTI) 40` API
We have added Brent-Dubai price differential and Brent-WTI price differential columns to the data table
| Year | Crude oil average dollar per barrel | Crude oil Brent dollar per barrel | Crude oil Dubai dollar per barrel | Crude oil WTI dollar per barrel | Brent Dubai Delta dollar per barrel | Brent WTI Delta dollar per barrel |
|---|---|---|---|---|---|---|
| 2025 | 67.4 | 69.0 | 68.4 | 64.9 | 0.7 | 4.1 |
| 2024 | 78.7 | 80.7 | 79.7 | 75.8 | 1.0 | 4.9 |
| 2023 | 80.8 | 82.6 | 82.0 | 77.7 | 0.6 | 5.0 |
| 2022 | 97.1 | 99.8 | 97.1 | 94.4 | 2.8 | 5.4 |
| 2021 | 69.1 | 70.4 | 68.8 | 68.0 | 1.6 | 2.5 |
| 2020 | 41.3 | 42.3 | 42.2 | 39.3 | 0.1 | 3.0 |
| 2019 | 61.4 | 64.0 | 63.2 | 57.0 | 0.9 | 7.0 |
| 2018 | 68.4 | 71.1 | 69.2 | 64.8 | 1.9 | 6.3 |
| 2017 | 52.8 | 54.4 | 53.1 | 50.9 | 1.3 | 3.5 |
| 2016 | 42.8 | 44.1 | 41.2 | 43.2 | 2.8 | 0.9 |
| 2015 | 50.8 | 52.4 | 51.2 | 48.7 | 1.2 | 3.7 |
| 2014 | 96.2 | 98.9 | 96.7 | 93.1 | 2.3 | 5.8 |
| 2013 | 104.1 | 108.9 | 105.4 | 97.9 | 3.4 | 10.9 |
| 2012 | 105.0 | 112.0 | 108.9 | 94.2 | 3.1 | 17.8 |
| 2011 | 104.0 | 110.9 | 106.0 | 95.1 | 4.9 | 15.9 |
| 2010 | 79.0 | 79.6 | 78.1 | 79.4 | 1.6 | 0.2 |
| 2009 | 61.8 | 61.9 | 61.8 | 61.7 | 0.1 | 0.2 |
| 2008 | 97.0 | 97.6 | 93.8 | 99.6 | 3.9 | -1.9 |
| 2007 | 71.1 | 72.7 | 68.4 | 72.3 | 4.3 | 0.4 |
| 2006 | 64.3 | 65.4 | 61.4 | 66.0 | 4.0 | -0.7 |
| 2005 | 53.4 | 54.4 | 49.3 | 56.4 | 5.1 | -2.0 |
| 2004 | 37.7 | 38.3 | 33.5 | 41.4 | 4.8 | -3.1 |
| 2003 | 28.9 | 28.9 | 26.7 | 31.1 | 2.1 | -2.3 |
| 2002 | 24.9 | 25.0 | 23.7 | 26.1 | 1.3 | -1.1 |
| 2001 | 24.4 | 24.4 | 22.7 | 25.9 | 1.7 | -1.5 |
| 2000 | 28.2 | 28.3 | 26.1 | 30.3 | 2.2 | -2.1 |
| 1999 | 18.1 | 17.8 | 17.2 | 19.2 | 0.6 | -1.4 |
| 1998 | 13.1 | 12.7 | 12.1 | 14.3 | 0.6 | -1.6 |
| 1997 | 19.2 | 19.1 | 18.1 | 20.3 | 1.0 | -1.2 |
| 1996 | 20.4 | 20.7 | 18.5 | 22.1 | 2.1 | -1.4 |
| 1995 | 17.2 | 17.1 | 16.1 | 18.4 | 0.9 | -1.3 |
| 1994 | 15.9 | 15.8 | 14.7 | 17.2 | 1.2 | -1.3 |
| 1993 | 16.8 | 17.0 | 14.9 | 18.6 | 2.1 | -1.5 |
| 1992 | 19.0 | 19.3 | 17.2 | 20.6 | 2.1 | -1.3 |
| 1991 | 19.4 | 20.1 | 16.6 | 21.5 | 3.5 | -1.4 |
| 1990 | 22.9 | 23.7 | 20.5 | 24.5 | 3.2 | -0.8 |
| 1989 | 17.8 | 18.2 | 15.7 | 19.6 | 2.5 | -1.4 |
| 1988 | 14.7 | 15.0 | 13.2 | 16.0 | 1.8 | -1.0 |
| 1987 | 18.2 | 18.3 | 16.9 | 19.2 | 1.4 | -0.8 |
| 1986 | 14.4 | 14.8 | 13.2 | 15.1 | 1.6 | -0.3 |
| 1985 | 27.2 | 27.3 | 26.5 | 27.8 | 0.9 | -0.4 |
| 1984 | 28.6 | 28.8 | 27.5 | 29.4 | 1.3 | -0.6 |
| 1983 | 29.7 | 29.8 | 28.7 | 30.4 | 1.1 | -0.6 |
| 1982 | 32.7 | 33.4 | 31.8 | 32.8 | 1.7 | 0.7 |
| 1981 | 35.5 | 36.7 | 34.3 | 2.4 | ||
| 1980 | 36.9 | 37.9 | 35.9 | 2.0 | ||
| 1979 | 31.0 | 32.1 | 29.8 | 2.3 | ||
| 1978 | 12.9 | 12.9 | 12.9 | 0.0 | ||
| 1977 | 12.6 | 12.6 | 12.6 | 0.0 | ||
| 1976 | 11.6 | 11.6 | 11.6 | 0.0 | ||
| 1975 | 10.4 | 10.4 | 10.4 | 0.0 | ||
| 1974 | 11.0 | 11.0 | 11.0 | 0.0 | ||
| 1973 | 2.8 | 2.8 | 2.8 | 0.0 | ||
| 1972 | 1.8 | 1.8 | 1.8 | 0.0 | ||
| 1971 | 1.7 | 1.7 | 1.7 | 0.0 | ||
| 1970 | 1.2 | 1.2 | 1.2 | 0.0 | ||
| 1969 | 1.3 | 1.3 | 1.3 | 0.0 | ||
| 1968 | 1.3 | 1.3 | 1.3 | 0.0 | ||
| 1967 | 1.3 | 1.3 | 1.3 | 0.0 | ||
| 1966 | 1.4 | 1.4 | 1.4 | 0.0 | ||
| 1965 | 1.4 | 1.4 | 1.4 | 0.0 | ||
| 1964 | 1.5 | 1.5 | 1.5 | 0.0 | ||
| 1963 | 1.5 | 1.5 | 1.5 | 0.0 | ||
| 1962 | 1.5 | 1.5 | 1.5 | 0.0 | ||
| 1961 | 1.6 | 1.6 | 1.6 | 0.0 | ||
| 1960 | 1.6 | 1.6 | 1.6 | 0.0 |
The Brent-Dubai price differential measures the price gap between lighter, sweeter Brent crude (North Sea) and medium, sour Dubai crude (Middle East), crucial for Asia's pricing
While Brent is an international benchmark, WTI (West Texas Intermediate) crude oil is primarily priced at the Cushing, Oklahoma delivery hub. This is a land-locked location
For many years, the WTI and Brent oil prices were closely aligned. Then in 2011 and 2012, the price differential widened, primarily because the US increased oil production, causing an oil inventory buildup at Cushing. As a result, the WTI price dropped significantly relative to the Brent price. This came to be known as “infrastructure discount” of WTI. With the subsequent new US oil transportation infrastructure coming online from Cushing to Gulf Coast, the WTI-Brent price spread has narrowed from those elevated levels
View the trends graphically