Oil prices dropped 35% in 2020 after COVID-19, with an additional 21% decline in 2023 amidst the Russia-Ukraine conflict

In 2020, OPEC's oil prices dropped by 35% as global demand collapsed due to the COVID-19 pandemic. Two years of economic recovery followed before Russia, one of the world's largest oil producers and importers, invaded Ukraine in 2022. This invasion triggered global economic instability, resulting in a 21% decline in oil prices the following year.

Source:
Opec.org
Period:
2011-2024
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