What was the crude oil price in 2014?

What was the crude oil price in 2014?

Average annual Brent crude oil price from 1976 to 2022 (in U.S. dollars per barrel)

Characteristic Average crude oil price in U.S. dollars per barrel
2015 52.32
2014 98.97
2013 108.56
2012 111.63

Why did the price of oil fall in 2014?

The initial drop in oil prices from mid-2014 to early 2015 was primarily driven by supply factors, including booming U.S. oil production, receding geopolitical concerns, and shifting OPEC policies. However, deteriorating demand prospects played a role as well, particularly from mid-2015 to early 2016.

What was the price of oil in July 2014?

$106.77 per barrel
The oil price for Brent crude oils in July was $106.77 per barrel while the price was $111.8 per barrel in June of 2014.

What did OPEC do in 2014?

The Organization of Petroleum Exporting Countries has been severely affected by the 2014 collapse in prices. Shale production robbed OPEC of a large portion of its market power, forcing OPEC to cooperate with other producers to keep prices up after Saudi Arabia effectively declared defeat in the price war in 2016.

When did oil prices crash?

Between June 2014 and January 2015, according to the World Bank, the collapse in the price of oil was the third largest since 1986. In early 2015, the US oil price fell below $50 per barrel dragging Brent oil to just below $50 as well.

Will oil prices Drop in 2021?

In our January 2022 Short-Term Energy Outlook (STEO), we forecast that crude oil prices will fall from 2021 levels. In the fourth quarter of 2021, the price of Brent crude oil, the international pricing benchmark, averaged $79 per barrel (b).

Why did oil prices Crash in 2015?

While the supply of oil became increasingly abundant in 2015, global demand for oil was decreasing. The economies of Europe and developing countries were weakening. Vehicles were becoming more fuel-efficient. Meanwhile, China’s devaluation of its own currency suggested that its economy might be weakening as well.