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OPEC Annual Statistical Bulletin 2004 Prices Table
Crude oil prices in nominal and real terms, 1970–2004 ($/b)
Nominal price adjusted for:
Nominal oil price 1 Exchange rates 2 Inflation 3 Combined 4
1970 1.67 1.97 2.01 2.36
1971 2.03 2.35 2.32 2.68
1972 2.29 2.47 2.49 2.68
1973 3.05 3.05 3.05 3.05
1974 10.73 11.06 9.39 9.68
1975 10.73 10.86 8.37 8.47
1976 11.51 12.57 8.18 8.93
1977 12.39 13.41 8.01 8.67
1978 12.70 12.60 7.64 7.58
1979 17.25 16.48 9.45 9.04
1980 28.64 27.33 13.89 13.26
1981 32.51 35.66 14.18 15.55
1982 32.38 39.76 12.97 15.93
1983 29.04 38.79 10.90 14.57
1984 28.20 41.44 9.97 14.66
1985 27.01 41.16 9.06 13.80
1986 13.53 16.94 4.40 5.50
1987 17.73 19.88 5.57 6.25
1988 14.24 15.54 4.32 4.71
1989 17.31 19.87 5.00 5.74
1990 22.26 23.38 6.07 6.38
1991 18.62 19.84 4.86 5.18
1992 18.44 19.24 4.63 4.83
1993 16.33 18.88 3.97 4.60
1994 15.53 17.90 3.67 4.23
1995 16.86 18.63 3.86 4.27
1996 20.29 22.60 4.53 5.04
1997 18.68 22.33 4.08 4.88
1998 12.28 14.91 2.63 3.20
1999 17.47 21.67 3.69 4.58
2000 27.60 37.76 5.69 7.79
2001 23.12 32.65 4.66 6.58
2002 24.36 33.13 4.82 6.56
2003 28.10 33.66 5.44 6.51
2004 36.05 40.05 6.82 7.58
Notes: Base: 1973 = 100.
1. From 1970 to 1981, the Arab Light official price. As of 1982, the OPEC spot Reference Basket price.
2. Based on ‘modified Geneva I + US basket’ which includes the euro, the US dollar, the pound sterling and the Swiss franc, weighted according to the merchandise
imports of OPEC Member Countries from the countries in the basket.
3. Based on weighted average consumer price indices of modified Geneva I countries and USA (according to the private consumption of modfied Geneva I
countries and USA).
4. Based on combined indices of exchange rates and inflation.
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