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World Crude Oil Price Trends 1960-2025

Adi Ahdiat 07/01/2026 19:03 WIB

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According to World Bank data, the average price of crude oil in the global market in 2025 is projected to reach US$67.4/barrel, down compared to the previous year.

Annual Average World Crude Oil Price (1960-2025)

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Annual Average World Crude Oil Price (1960-2025)

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According to World Bank data, the average price of crude oil in the global market in 2025 reached US$67.4/barrel.

The price decreased by approximately 14% compared to the average price of the previous year (year-on-year/yoy).

The World Bank assesses that the decline in oil prices in 2025 was influenced by reduced consumption levels, while supply was abundant.

"The sharp decline in oil prices in 2025 reflects slow oil demand growth in China and a global oversupply," the World Bank stated in its October 2025 Commodity Markets Outlook.

However, the decline in oil prices in 2025 is still relatively mild compared to several decades ago. Deeper declines occurred in 1986 and 2015, when the average world oil price plummeted by 47% (yoy).

On the other hand, the highest oil price surge occurred in 1974, when its average price skyrocketed by 291% (yoy). A sharp increase also occurred in 1979, when its average price soared by 140% (yoy).

According to the World Bank, oil price surges are often influenced by conflicts involving oil-producing countries in the Middle East.

"Various geopolitical events in the Middle East since the early 1970s, often marked by military conflicts, have affected global oil supply, resulting in oil price surges and increased volatility," the World Bank stated in its October 2023 Commodity Markets Outlook.

However, according to the World Bank, Middle East conflicts occurring after the 2000s have had a milder impact compared to earlier conflicts.

"Market conditions are now very different. The global economy is less dependent on oil; oil suppliers are more diversified; some countries have strategic oil reserves; futures markets help in price discovery; and the IEA (International Energy Agency) helps formulate responses to energy price shocks," the World Bank stated.

"Given these factors, the latest escalation of conflict in the Middle East will have a more moderate impact compared to what occurred in the past," it added.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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