Oil Prices in 2019
Brent crude averaged $64.30 per barrel in 2019 and WTI $56.99, about $7–8 below 2018. OPEC+ cuts and US sanctions on Iran and Venezuela lifted Brent spot to $74.94 on 25 April. The US-China trade war then dragged prices down, and even the September attack on Saudi Arabia's Abqaiq plant produced only a short-lived spike.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $59.41 | $51.38 | $8.03 | |
| February | $63.96 | $54.95 | $9.01 | |
| March | $66.14 | $58.15 | $7.99 | |
| April | $71.23 | $63.86 | $7.37 | |
| May | $71.32 | $60.83 | $10.49 | |
| June | $64.22 | $54.66 | $9.56 | |
| July | $63.92 | $57.35 | $6.57 | |
| August | $59.04 | $54.81 | $4.23 | |
| September | $62.83 | $56.95 | $5.88 | |
| October | $59.71 | $53.96 | $5.75 | |
| November | $63.21 | $57.03 | $6.18 | |
| December | $67.31 | $59.88 | $7.43 | |
| 2019 average | $64.30 | $56.99 | $7.31 |
Source: U.S. Energy Information Administration (EIA), monthly averages of daily spot prices, Europe Brent spot FOB (series RBRTE) and Cushing, OK WTI spot FOB (series RWTC), retrieved 13 October 2026. Nominal dollars.
What drove oil prices in 2019, quarter by quarter
Q1: OPEC+ cuts and Venezuela sanctions
The year began just after the late-2018 crash. Brent spot touched its 2019 low of $53.23 on 3 January. A new OPEC+ cut of 1.2 million barrels per day, agreed in December 2018, took effect in January, with Saudi Arabia cutting more than its share. On 28 January the US sanctioned Venezuela's state oil company PDVSA, removing a major source of heavy crude for US Gulf Coast refiners. Brent rose every month of the quarter, from $59.41 in January to $66.14 in March.
Q2: The Iran waiver decision, then the trade war
On 22 April the US said it would not renew the waivers that had let eight countries keep buying Iranian oil after 2 May. Brent spot reached its high for the year, $74.94, on 25 April. On 10 May the US raised tariffs on $200 billion of Chinese goods to 25%, and China retaliated. Fears for global growth took over. Attacks on tankers in the Gulf of Oman in May and June did little to lift prices. Brent fell from $71.32 in May to $64.22 in June.
Q3: Abqaiq, the biggest sudden outage on record
In early July OPEC+ extended its cuts to March 2020. In August the US announced more tariffs on Chinese imports, and Brent's monthly average fell to $59.04. On 14 September drones and missiles hit Saudi Aramco's Abqaiq processing plant and the Khurais field, temporarily knocking out about 5.7 million b/d, roughly half of Saudi output. Brent futures jumped about 15% on 16 September, their largest one-day gain in decades. Aramco restored output within weeks, and the premium faded by October.
Q4: Deeper cuts and a trade truce
On 6 December OPEC+ deepened its cut by 500,000 b/d, to 1.7 million b/d, from January 2020. A week later the US and China announced a "phase one" trade deal. Brent averaged $67.31 in December and ended the year at $67.77, about 25% above its first trading day.
2019 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $54.06 (2 January 2019) | $46.31 (2 January 2019) |
| Annual high | $74.94 (25 April 2019) | $66.24 (23 April 2019) |
| Annual low | $53.23 (3 January 2019) | $46.31 (2 January 2019) |
| Last trading day | $67.77 (31 December 2019) | $61.14 (31 December 2019) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2019 compares
Brent's 2019 average was $7.04 below 2018 ($71.34). The Brent-WTI spread averaged $7.31, the widest since 2013. Pipelines from the Permian Basin to the Gulf Coast were still catching up with output, while US crude production reached what the EIA described as a then-record 12.3 million b/d for the year. That growth is why cuts by OPEC+ and lost barrels from Iran and Venezuela barely raised prices, a theme covered in our what moves oil prices guide. See every year since 2000 in the oil price history table, or follow today's market with the live Brent price.
← Oil prices in 2018
Brent averaged $71.34: Iran sanctions rally, then a Q4 crash.
Oil prices in 2020 →
Brent averaged $41.96: crash, negative WTI and recovery.
Oil prices in 2019 FAQ
What was the average oil price in 2019?
Brent crude averaged $64.30 per barrel in 2019 and WTI averaged $56.99, according to EIA spot price data. Both were lower than in 2018, as fears over the US-China trade war offset OPEC+ production cuts and supply losses from Iran and Venezuela.
What was the highest oil price in 2019?
Brent's highest daily spot price in 2019 was $74.94 per barrel on 25 April, shortly after the US said it would end sanctions waivers for buyers of Iranian oil. WTI's spot high was $66.24 on 23 April. Prices fell in May when the trade war escalated.
How did the Abqaiq attack affect oil prices?
The 14 September 2019 attack on Saudi Arabia's Abqaiq plant and Khurais field briefly halted about 5.7 million barrels per day. Brent futures jumped about 15% on 16 September. Saudi Aramco restored output within weeks, and prices gave back the gain by October.
Why was the Brent-WTI spread so wide in 2019?
The Brent-WTI spread averaged $7.31 in 2019 because US production grew faster than pipeline capacity from the Permian Basin to export terminals on the Gulf Coast. Inland WTI had to trade at a discount to attract buyers until new pipelines opened in late 2019.
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