Largest crude oil production increases in a single year by country 1973-2018.Gas and diesel oil stock in the United Kingdom (UK) 2011-2019Īnnual New York harbor No. Venezuela: Merey crude oil price 2005-2021 Share of oil and gas sector profits to GDP 2013-2018 Trans Mountain pipeline opposition in Canada 2018-2020, by select province refiner acquisition cost of domestic crude oil ending stocks excluding SPR of crude oil and petroleum productsĪverage U.S. ending stocks of crude oil and petroleum products 1995-2016 Oil consumption in Saudi Arabia 1990-2021Ĭrude oil import volume from Africa to the European Union (EU-28) in 2019, by country Volume of crude oil production in Saudi Arabia 2015-2018 Volume of crude oil stockpile in Saudi Arabia 2015-2018 Petroleum imports from OPEC countries as a share of consumption in the U.S. Share of petroleum in China's total energy consumption 2010-2020 Price of Mixed Sweet Blend crude oil 2014-2019 United Kingdom (UK) oil price forecast in U.S. Largest crude oil production increases in a single year by country 1973-2018 The 2020 fall in prices was the result of a significant decline in transportation fuel demand and weakened economic prospects during the coronavirus pandemic. Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. By increasing and decreasing its oil production, OPEC tries to keep the price between given maxima and minima. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. The aim of the OPEC is to coordinate the oil policies of its member states. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and as of March 2023 it includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. dollars the previous year and comes in the wake of an energy supply shortage and sanctions on Russia following the Russia-Ukraine war. The 2022 annual average OPEC oil price stood at 100.08 U.S.
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