World Oil & Gas Rig Count

Brent crude oil prices in this dataset trace a full commodity cycle shaped by recovery dynamics, geopolitical shocks, and a gradual rebalancing of global supply. Prices start near $47 in late 2020 and rise steadily through 2021 as post-pandemic demand strengthens. A dramatic surge follows in early 2022, with Brent breaking above $120 amid the global energy crisis, supply disruptions, and heightened geopolitical tension. This period marks the dataset’s peak and represents extreme market tightness. Through late 2022 and into 2023, prices retreat but remain elevated, stabilizing mostly between $75 and $90 as supply increases and consumer demand cools. From mid-2023 onward, a persistent downward trend emerges, driven by increased production, moderating economic growth, and improved logistical flows. By late 2025, Brent approaches the low-$60s, reflecting a broadly softer market and easing global demand pressures.