Baku: Brent crude oil prices saw a significant reduction last year, experiencing a 17% decline, with the average price settling at USD 69 per barrel. This marked a notable decrease from the previous year, as reported by APA-Economics, citing data from the U.S. Energy Information Administration (EIA) under the U.S. Department of Energy.

According to Azeri-Press News Agency, the monthly average price of Brent crude oil started at USD 79 in January and dropped to USD 63 by December. This represented the lowest monthly average since early 2021. Despite inflation considerations, the annual average price was reported to be USD 69 per barrel, the lowest level since 2020.

The report highlighted that in 2025, the overall decline in oil prices was driven by a global supply that outpaced demand. Additionally, the increase in oil inventories in China helped to moderate the decline in prices.

The report also mentioned that geopolitical events, such as Israel's attacks on Iran on June 13 and the attacks by Russia and Ukraine on oil infrastructure, provided periodic support to oil prices throughout the year.