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How much did crude oil cost in 2022?
Why did crude oil and bitumen prices increase in 2022?
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How much does Brent crude oil cost in 2022?
Jan 4, 2023 · The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating with Russia’s full-scale invasion of Ukraine on February 24, contributed to crude oil price increases.
The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value. The current price of WTI crude oil as of September 25, 2024 is $69.44 per barrel.
YearAverageclosing PriceYear OpenYear High2024$77.77$71.65$87.012023$77.64$80.26$93.842022$94.53$76.08$123.702021$68.17$47.62$84.65Crude Oil is expected to trade at 74.09 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 75.75 in 12 months time.
Aug 16, 2023 · The total cost of imported crude oil was $21.5 billion in 2022, 46% higher than the $14.7 billion cost in 2021.
- World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
- World oil supply fell 190 kb/d in November to 101.7 mb/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets.
- Global refinery throughputs surged 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.
- Russian oil exports increased by 270 kb/d to 8.1 mb/d, the highest since April as diesel exports rose by 300 kb/d to 1.1 mb/d. Crude oil loadings were largely unchanged m-o-m, even as shipments to the EU fell by 430 kb/d to 1.1 mb/d.
Mar 8, 2023 · The crude oil and bitumen price index (+49.0%) increased by nearly half in 2022. Natural gas prices also experienced sharp increases in 2022, up 25.6% over the previous year. Strong domestic and foreign demand contributed to a series high in production of crude oil and equivalent products (282.5 million cubic metres) in 2022.
Feb 11, 2022 · Benchmark crude oil prices surged by ~$15/bbl in January, breaching the $90/bbl threshold for the first time since 2014. Backwardation on the 12-month strip beginning with the April 2022 contract has hit double digits for both WTI and Brent, reflecting low crude stock levels.
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related to: How much did crude oil cost in 2022?Predict future oil and gas production using data from offset wells with Auto-Proximity. Probabilistic multi-segment P10, P50, and P90 type curves.
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