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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil's downturn has helped precipitate a plummet in gas prices in the US, as well, with at least one analyst predicting the national average would fall to $3 by the end of the year.
During the 2020 Russia–Saudi Arabia oil price war, on March 8 oil fell over 30 percent. WTI reached $31.13, down 24.6 percent, with Brent $34.36, down 24.1 percent. Both were the lowest since 2016 and the one-day decline was the largest since 1991. [8]
On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
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2020 Russia–Saudi Arabia oil price war: In 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [17] Revenue from oil exports is heavily relied on by many governments, with Iraq, Kuwait, and the Republic of the Congo reporting oil rents (as a percentage of GDP) over 30%. [18]
January 20: Six exporting countries – Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia – conclude ten days of meetings with Western oil companies. An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.