Oil prices would have only passed the OGRL threshold for 36% of trading days in the past 10 years

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Daily Brent prices are front-month ICE Brent crude futures prices from LSEG, in USD/barrel. Historical prices have been adjusted using the ONS Consumer Prices Index (CPI) and are expressed in April 2026 prices. The $90 threshold is shown in April 2026 prices. The OGRL itself will be calculated using producers’ realised oil sale prices, rather than the Brent futures price; Brent is used here as a benchmark to provide historical context for the threshold.