Oil Prices in 2023
Brent crude averaged $82.49 per barrel in 2023 and WTI $77.58, about $18 below the 2022 averages. Brent spot fell to $71.03 during the March banking stress, climbed to $97.10 on 27 September on Saudi and Russian supply cuts, then slid into year-end as record US production outweighed OPEC+ restraint.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $82.50 | $78.12 | $4.38 | |
| February | $82.59 | $76.83 | $5.76 | |
| March | $78.43 | $73.28 | $5.15 | |
| April | $84.64 | $79.45 | $5.19 | |
| May | $75.47 | $71.58 | $3.89 | |
| June | $74.84 | $70.25 | $4.59 | |
| July | $80.11 | $76.07 | $4.04 | |
| August | $86.15 | $81.39 | $4.76 | |
| September | $93.72 | $89.43 | $4.29 | |
| October | $90.60 | $85.64 | $4.96 | |
| November | $82.94 | $77.69 | $5.25 | |
| December | $77.63 | $71.90 | $5.73 | |
| 2023 average | $82.49 | $77.58 | $4.91 |
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 2023, quarter by quarter
Q1: China reopens, banks wobble
The year opened with hopes that China's exit from zero-Covid would lift demand, and Brent averaged about $82.50 in January and February. The EU ban on seaborne imports of Russian refined products took effect on 5 February. It joined the crude embargo and the G7 price cap introduced in December 2022. Russian crude kept flowing to India, China and Turkey instead. In March the failure of Silicon Valley Bank and the rescue of Credit Suisse triggered a sell-off in risk assets. Brent spot fell to $71.03 on 17 March, its lowest since late 2021.
Q2: The surprise OPEC+ cuts
On 2 April, several OPEC+ members, led by Saudi Arabia, announced voluntary output cuts from May. Together with Russia's extended reduction, these totalled about 1.65 million barrels per day. Brent jumped and averaged $84.64 in April, but the gain faded as recession worries and strong Russian exports weighed. On 4 June Saudi Arabia announced an additional voluntary cut of 1 million b/d from July. Brent averaged $74.84 in June, its weakest month of the year.
Q3: Tight supply and the September peak
The extra Saudi cut, plus Russian export reductions, drained inventories over the summer. On 5 September Saudi Arabia and Russia extended their voluntary cuts (1 million b/d and 300,000 b/d of exports) to the end of 2023. Brent averaged $93.72 in September, the highest monthly average of the year, and spot reached $97.10 on 27 September. WTI's peak, on the same day, was linked to low stocks at Cushing, the delivery point for the contract.
Q4: War risk fades, supply wins
Hamas's attack on Israel on 7 October lifted prices briefly, but no oil supply was lost. On 18 October the US temporarily eased sanctions on Venezuela's oil sector. US crude output reached a monthly record of more than 13.3 million b/d in December, according to the EIA. On 30 November OPEC+ members announced further voluntary cuts of about 2.2 million b/d for the first quarter of 2024. The market doubted that they would be fully delivered, and Angola announced its exit from OPEC in December. Brent averaged $77.63 in December and ended the year at $77.69.
2023 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $80.36 (3 January 2023) | $76.87 (3 January 2023) |
| Annual high | $97.10 (27 September 2023) | $93.67 (27 September 2023) |
| Annual low | $71.03 (17 March 2023) | $66.61 (17 March 2023) |
| Last trading day | $77.69 (29 December 2023) | $71.89 (29 December 2023) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2023 compares
Brent's 2023 average was $18.44 below 2022's $100.93 but still the highest annual figure of any year since 2014 apart from 2022. The Brent-WTI spread averaged $4.91. The US produced an average of 12.9 million b/d in 2023, which the EIA called a US and global record. It was the main reason OPEC+ cuts could not hold prices above $90 for long. Read more about the forces behind these moves on our what moves oil prices page, compare years in the oil price history table, or check the live WTI price.
← Oil prices in 2022
Brent averaged $100.93 after Russia invaded Ukraine.
Oil prices in 2024 →
Brent averaged $80.52: Middle East tensions and delayed OPEC+ hikes.
Oil prices in 2023 FAQ
What was the average oil price in 2023?
Brent crude averaged $82.49 per barrel in 2023 and WTI averaged $77.58, according to EIA spot price data. That was about $18 lower than in 2022, as Russian exports were redirected rather than lost and US production reached a record 12.9 million barrels per day.
When did oil peak in 2023?
Brent's highest daily spot price in 2023 was $97.10 per barrel on 27 September, and WTI peaked at $93.67 the same day. The rally followed Saudi Arabia's extra 1 million b/d voluntary cut from July and its extension, together with Russian export cuts, to the end of the year.
What was the lowest oil price in 2023?
Brent's lowest daily spot price in 2023 was $71.03 per barrel on 17 March, during the banking stress that followed the collapse of Silicon Valley Bank. WTI fell to $66.61 the same day. Brent recovered after OPEC+ members announced surprise voluntary cuts on 2 April.
Why did oil prices fall at the end of 2023?
Oil fell from late September 2023 because supply outside OPEC+ grew faster than expected. US crude output hit a monthly record above 13.3 million b/d in December. The war in Gaza did not disrupt oil flows, and traders doubted that the new OPEC+ cuts announced in November would be fully delivered.
Related pages
Oil Price History
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