What percentage did global oil prices increase by in 2018?

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Global Oil Prices Saw a Significant Increase in 2018

Global oil prices experienced a substantial rise in 2018, increasing by nearly one-third compared to the previous year. This surge in oil prices was a key factor contributing to improved financial performance for major oil companies.
Impact of Price Increases on Total's Profitability

French oil major Total reported a notable 33 per cent increase in its net profit for 2018, reaching US$11.4 billion attributable to shareholders. When excluding exceptional items, the profit growth was 28 per cent, amounting to US$13.6 billion, which was marginally below analyst expectations. This financial uplift was directly linked to the favourable global oil price environment.
Production Growth Bolstered Performance

Beyond price fluctuations, Total also saw its production expand by 8 per cent in 2018. This growth was driven by the successful commissioning of new projects and the strategic acquisition of Danish firm Maersk Oil. Looking ahead, the company anticipates further production increases, projecting a rise of over 9 per cent for the current year.
Industry-Wide Profitability Trends

Total's success mirrored that of other major energy corporations, including BP, Royal Dutch Shell, ExxonMobil, and Chevron. These companies also reported enhanced profits in 2018, a trend attributed to both elevated crude oil prices and their sustained efforts in cost management. Total itself intends to maintain its cost-cutting initiatives, initiated after the oil price drop in 2014, with a target of US$4.7 billion in savings.

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What percentage did global oil prices increase by in 2018?

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