The diagram illustrates the mean oil prices around the world between 1970 and 2005, while the second data demonstrates the six major oil-exporting nations and their profits on a daily basis.
Overall, oil prices have experienced a gradual upward trend between 1970 and 1975, peaking sharply in 1980, before a gradual decline in the mid-1990s and recovering towards the end of the period. Saudi Arabia dominates the oil market, followed by Russia, whereas Nigeria and the UAE show the least amount of exports.
Before 1975, oil prices were relatively low at 15 dollars per barrel. However, prices increased moderately before peaking at over 75 dollars in 1980. Over the following years, oil prices modestly declined before reaching an all-time low of under 30 dollars per barrel in mid-1995. By 2005, oil prices had recovered to 45 dollars, indicating substantial growth.
The leading oil exporter is Saudi Arabia, representing over 8 million barrels per day. This is followed by Russia, which exports approximately 6 million barrels per day. By contrast, minor oil exporters of oil are Nigeria and the UAE, which export roughly 2 million barrels daily