T73

Crude Oil Price in Nominal and Real Terms

(US Dollars Per Barrel)

Base: 1973 = 100

Nominal Price adjusted for:

Nominal

Exchange

Inflation

Combined

Oil Price 1/

Rates 2/

1970

1.67

1.99

2.03

2.41

1971

2.03

2.37

2.32

2.71

1972

2.29

2.49

2.70

1973

3.05

1974

10.73

11.04

9.40

9.67

1975

10.73

10.81

8.36

8.42

1976

11.51

12.58

8.16

8.92

1977

12.39

13.45

7.98

8.66

1978

12.70

12.65

7.59

7.56

1979

17.25

16.51

9.40

9.00

1980

28.64

27.39

13.81

13.21

1981

32.51

36.24

13.97

15.57

1982

32.38

40.75

12.73

16.01

1983

29.04

40.19

10.64

14.73

1984

28.20

43.39

9.68

14.89

1985

27.01

43.32

8.75

14.04

1986

13.53

17.71

4.24

5.54

1987

17.73

20.68

5.39

6.29

1988

14.24

16.22

4.17

4.75

1989

17.31

20.83

4.82

5.79

1990

22.26

24.31

5.84

6.38

1991

18.62

20.70

4.67

5.19

1992

18.44

20.02

4.43

4.81

1993

16.33

19.82

3.79

4.61

1994

15.53

18.79

3.50

4.24

1995

16.86

19.42

3.68

4.24

1996

20.29

23.59

4.31

5.01

1997

18.68

23.51

3.89

4.89

1998

12.28

15.72

2.51

3.21

1999

17.48

22.94

3.52

4.62

2000

27.60

40.33

5.42

7.93

2001

23.12

34.89

4.44

6.69

2002

24.36

35.32

4.58

6.65

2003

28.10

35.49

5.17

6.53

2004

36.05

42.04

6.49

7.57

2005

50.64

59.09

8.91

10.39

2006

61.08

70.98

10.49

12.19

2007

69.08

75.21

11.59

12.62

Notes: Base 1973 = 100

1/ Up to October 1974: 93 per cent of the posted prices of Arab Light (fob Ras Tanura).
    November 1974 to December 1981: official prices of Arab Light (fob Ras Tanura).
    As of 1982, OPEC Reference Basket price (note: as of June 16, 2005, the new Basket
    methodology came into effect — see section on definitions).

2/ Based on weighted average index of currency exchange rates of the countries set forth
in the modified Geneva I Agreement (see section on definitions).

3/ Based on weighted average consumer price indices of modified Geneva I countries and USA.

4/ Based on combined indices of exchange rates and inflation.