Brent Weighted Average

Brent Weighted Average Price

Date	Price US$ per bbl	Price US $ per MT	Long Tons	US Gallons,$
2023-02-16	$85	626	636	2.03
2023-02-15	$85	621	631	2.02
2023-02-14	$85	626	637	2.03
2023-02-13	$86	630	641	2.05
2023-02-10	$86	630	640	2.05
2023-02-09	$84	619	629	2.01
2023-02-08	$84	618	628	2.01
2023-02-07	$83	606	616	1.97
2023-02-06	$80	589	598	1.91
2023-02-03	$82	598	608	1.94
2023-02-02	$82	605	614	1.96
2023-02-01	$84	618	628	2.01
2023-01-31	$84	618	629	2.01
2023-01-30	$86	630	640	2.05
2023-01-27	$87	641	652	2.08
2023-01-26	$86	632	642	2.05
2023-01-25	$87	640	650	2.08
2023-01-24	$88	647	658	2.1
2023-01-19	$85	625	635	2.03
2023-01-18	$87	635	646	2.06
2023-01-17	$86	628	638	2.04
2023-01-16	$85	619	630	2.01
2023-01-13	$85	620	630	2.01
2023-01-12	$84	614	624	1.99
2023-01-11	$82	597	607	1.94
2023-01-10	$80	585	595	1.9
2023-01-09	$80	588	598	1.91
2023-01-06	$79	581	590	1.89
2023-01-05	$79	578	587	1.88
2023-01-04	$79	582	591	1.89

Brent Weighted Average Historical price

• In 2017 maximum price $67 per bbl (2017-12-29)
• In 2018 maximum price $53 per bbl (2018-12-27)
• In 2019 maximum price $66 per bbl (2019-12-31)
• In 2020 maximum price $51 per bbl (2020-12-31)
• In 2021 maximum price $79 per bbl (2021-12-31)
• In 2022 maximum price $84 per bbl (2022-12-30)
• In 2023 maximum price $85 per bbl (2023-02-16)

Brent Weighted Average Crude Oil: Understanding its Significance

Crude oil is one of the most important commodities in the world, and its prices have a significant impact on the global economy. Brent weighted average crude oil is a benchmark for crude oil prices, and it plays a crucial role in determining the prices of oil around the world.

What is Brent Weighted Average Crude Oil?

Brent weighted average crude oil is an average of the prices of Brent Blend, Forties, Oseberg, and Ekofisk crudes, which are some of the most important crude oil benchmarks in the world. The Brent Blend is considered to be the benchmark for global crude oil prices, and its weighted average is used as an indicator of global crude oil prices.

How is Brent Weighted Average Crude Oil Calculated?

Brent weighted average crude oil is calculated by taking the average of the prices of Brent Blend, Forties, Oseberg, and Ekofisk crudes. The calculation is done on a monthly basis, and it takes into account the volume of each crude oil type and its average price for the month. The weighted average is then used as an indicator of global crude oil prices.

Importance of Brent Weighted Average Crude Oil

Brent weighted average crude oil is important because it is used as a benchmark for crude oil prices around the world. The prices of oil are influenced by a number of factors, including supply and demand, geopolitical events, and economic conditions. Brent weighted average crude oil provides a benchmark for these prices, allowing market participants to make informed decisions about buying and selling crude oil.

In addition, Brent weighted average crude oil is used by many countries as a benchmark for the pricing of their crude oil exports. This allows for a more transparent and consistent pricing system, making it easier for buyers and sellers to agree on prices.

Conclusion

Brent weighted average crude oil is a crucial benchmark for crude oil prices around the world. It provides a consistent and transparent pricing system, allowing market participants to make informed decisions about buying and selling crude oil. Understanding the significance of Brent weighted average crude oil is important for those looking to invest in the oil market, as well as for governments and organizations that rely on oil as a critical part of their operations.

Frequently Asked Questions (FAQs) About Brent Weighted Average Crude Oil

Here are some common questions people have about Brent weighted average crude oil:

1. How is Brent weighted average crude oil different from other crude oil benchmarks?

Brent weighted average crude oil is a combination of four different crude oil benchmarks, while other crude oil benchmarks are based on one specific type of crude oil. The combination of these benchmarks provides a more accurate representation of global crude oil prices.

2. How often is Brent weighted average crude oil calculated?

Brent weighted average crude oil is calculated on a monthly basis, taking into account the average price and volume of each of the four crude oil types.

3. Why is Brent Blend considered the benchmark for global crude oil prices?

Brent Blend is considered the benchmark for global crude oil prices because it is one of the most widely traded and easily accessible crude oils in the world. Its price is also influenced by a variety of factors, making it a good indicator of global crude oil prices.

4. How is Brent weighted average crude oil used by market participants?

Brent weighted average crude oil is used by market participants to make informed decisions about buying and selling crude oil. It provides a benchmark for crude oil prices, allowing for a more transparent and consistent pricing system.

5. How does Brent weighted average crude oil affect the global economy?

Brent weighted average crude oil has a significant impact on the global economy, as the prices of oil can influence the prices of other commodities and goods. Higher oil prices can lead to inflation and slower economic growth, while lower oil prices can have the opposite effect. This is why many governments and organizations closely monitor the price of oil and its benchmarks like Brent weighted average crude oil.

Conclusion

Brent weighted average crude oil is an important benchmark for global crude oil prices, providing a consistent and transparent pricing system. It is used by market participants to make informed decisions about buying and selling crude oil, and is a critical part of the global economy. Understanding the significance of Brent weighted average crude oil can help investors, governments, and organizations make informed decisions about the future of the oil market.

Sources of Information About Brent Weighted Average Crude Oil

If you want to learn more about Brent weighted average crude oil, here are some reputable sources of information:

1. The International Energy Agency (IEA) - The IEA is an intergovernmental organization that provides data and analysis on the energy market, including crude oil prices and benchmarks.

2. The Energy Information Administration (EIA) - The EIA is a U.S. government agency that provides data and analysis on energy markets, including crude oil prices and benchmarks.

3. Platts - Platts is a leading global provider of energy and commodity price assessments, including for Brent weighted average crude oil.

4. Bloomberg - Bloomberg is a global financial information and news provider that covers crude oil prices and benchmarks, including Brent weighted average crude oil.

5. Reuters - Reuters is a leading news and information provider that covers global markets and financial news, including crude oil prices and benchmarks.

By consulting these sources, you can gain a better understanding of Brent weighted average crude oil and its role in the global crude oil market. It is important to note that while the information provided by these sources is reputable, market conditions can change rapidly, and it is always advisable to consult multiple sources and seek professional advice before making any investment decisions.