What is the lowest oil has ever been?
The price of West Texas Intermediate crude oil futures expiring in May plunged 321%, to -$40.32 a barrel, the lowest level ever recorded.
Brent crude losses were muted by comparison, with the commodity sliding 9.5%, to $25.41 a barrel at intrasession lows..
How much oil is left in the world?
There are 1.65 trillion barrels of proven oil reserves in the world as of 2016. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
Why is the oil price dropping?
3 OPEC was the major cause of cheap oil, as it refused to cut oil production, leading to the tumble in prices. In the Spring of 2020, oil prices collapsed amid the COVID-19 pandemic and economic slowdown. OPEC and its allies agreed to historic production cuts to stabilize prices, but they dropped to 20-year lows.
What is the highest price of oil in history?
Historically, Crude oil reached an all time high of 147.27 in July of 2008.
What is the lowest oil price ever?
Oil hit $0.01 a barrel before falling to as low as negative $40 and eventually settling at negative $37.63, the lowest level recorded since the New York Mercantile Exchange began trading oil futures in 1983.
How much did a barrel of oil cost in 1970?
Annual Average Domestic Crude Oil PricesAnnual Average Domestic Crude Oil Prices (in $/Barrel)1946-Present1968$3.18$23.551969$3.32$23.361970$3.39$22.5473 more rows