The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Crude Oil rose to 65.49 USD/Bbl on July 23, 2025, up 0.27% from the previous day. Over the past month, Crude Oil's price has risen 1.73%, but it is still 15.60% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

Discover how oil prices are reacting to the upcoming OPEC+ meeting and potential stimulus measures from China as markets prepare for possible global oil supply changes.

Oil prices rose by over 2% as OPEC+ delays an output increase, amid a pivotal week involving U.S. elections and China's economic meetings.

Houston's annual oil and gas conference reflects industry optimism under Trump, tempered by concerns of market overproduction affecting crude prices.

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Crude Oil Desalter Market Size 2024-2028

The crude oil desalter market size is forecast to increase by USD 9.2 million at a CAGR of 0.7% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. With the expansion of oil production in deeper seas, there is a rising need for desalting technology to remove impurities from crude oil. Integration of refinery and petrochemical operations is another trend driving market growth, as desalting helps increase the yield of petroleum products such as gasoline. Additionally, increasing investments in renewable power generation have led to a decrease in oil prices, making crude oil desalting a cost-effective solution for oil companies. The Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing nations continue to rely heavily on crude oil desalting to meet the increasing demand for petroleum products from developing countries. This market is expected to continue its growth trajectory in the coming years.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth due to the increasing importance of enhancing petroleum refining processes for improved energy security and sustainability. The desalting technology plays a crucial role in ensuring the optimal functioning of refineries by removing impurities such as salt and water from crude oil. This is a critical process in the petroleum industry as it helps maintain the quality of petroleum products by removing impurities that can negatively impact their performance. With the growing emphasis on energy efficiency and sustainability, desalting technology has gained increasing importance in the refining sector. Water scarcity is a significant challenge in the oil and gas industry, and desalting technology plays a vital role in addressing this issue. By removing water from crude oil, desalting processes help reduce the volume of water that needs to be treated and disposed of, thereby contributing to water conservation efforts. Moreover, desalting technology is essential in ensuring the production of high-quality petroleum products, which is crucial for meeting the evolving energy demands of various industries. Energy efficiency in desalting and desalting optimization are crucial for reducing costs in processes like crude oil desalting and salt removal, while innovations in in-house dehydrating and cost reduction strategies promise to enhance the future of desalting, potentially benefiting industries from oil refining to public transportation.



Moreover, with increasing awareness of the need for sustainable development, desalting technology is becoming an essential component of sustainable refining processes. Desalting technology is also playing a crucial role in the optimization of refinery operations. Refinery automation is transforming the oil refining process, with innovations in crude oil dehydration and oil desalting processes improving efficiency, while the integration of smart grids and hydrogen energy solutions is shaping the future of onshore industry and advancing sustainability in desalination equipment. The desalting process is also essential in the production of aviation fuel, which requires high-quality petroleum products to meet stringent specifications. Desalting technology helps ensure that aviation fuel meets these specifications by removing impurities that can negatively impact fuel performance and engine efficiency.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Multi-stage desalter
  Single-stage desalter


Geography

  APAC

    China
    India
    Japan


  North America

    Canada
    US


  Europe

    UK


  Middle East and Africa



  South America

By Product Insights

The multi-stage desalter segment is estimated to witness significant growth during the forecast period.

In the realm of crude oil production, particularly in deeper seas, the process of desalting plays a crucial role. Desalting is essential to remove water emulsions from crude oil before refining petroleum products such as gasoline. The electrostatic field created by multi-stage desalters subjects the emulsions to high voltage, dispersing the water. Gravity then facilitates the collection of water at the bottom of these desalters for treatment and disposal. The pre-treated emulsion undergoes further processing in a second-stage desalter, where it is exposed to electrical voltage grids. The enlarged water droplets are subsequently separated by gravity, and the recycled water is used once more in the first stage of the desalter.

Furthermo

OPEC+ is considering a major oil production hike, with options including a 411,000 bpd increase for July, to stabilize prices and meet rising global demand.

Crude Oil Tankers Market Outlook

The global crude oil tankers market size was valued at approximately USD 180 billion in 2023 and is projected to reach around USD 250 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.5% during the forecast period. A key growth factor driving this market is the continuous demand for crude oil transportation, spurred by its essential role in global energy supply chains. As economies and industries continue to grow, particularly in developing regions, the need to efficiently transport crude oil over long distances is escalating, thus propelling the market for crude oil tankers forward.

One of the foremost growth factors is the rising demand for energy across the globe. With the world population projected to reach 9 billion by 2050, energy demands are expected to increase correspondingly. Crude oil remains a dominant source in the global energy mix, and its transportation is crucial for meeting this demand. The expanding industrial activities in emerging economies, where manufacturing and other energy-intensive sectors are gaining momentum, further fuel the demand for crude oil transportation. In addition, technological advancements in enhancing the efficiency of crude oil tankers have also contributed to market growth, as new designs and materials offer increased durability and reduced fuel consumption.

Additionally, geopolitical developments significantly impact the crude oil tankers market. The geopolitical landscape affects oil production and trade policies, which in turn influences tanker supply and demand dynamics. For instance, changes in the Organization of the Petroleum Exporting Countries (OPEC) policies or relations between major oil-producing and consuming nations can lead to shifts in crude oil transportation patterns. Moreover, fluctuating prices of crude oil also play a crucial role in affecting the market dynamics. When oil prices are high, oil-producing countries ramp up production, increasing the need for transportation, whereas low prices can have a dampening effect on production and transportation needs.

Furthermore, environmental regulations and initiatives aimed at reducing carbon footprints are shaping the market's growth trajectory. The maritime industry, including crude oil tankers, is under increasing scrutiny to reduce emissions. Innovations in eco-friendly ship designs and the use of alternative fuels are becoming more prevalent, thus opening new avenues for market growth. However, these regulations also pose challenges, as compliance with stringent environmental laws may require significant investments in tanker retrofitting and modernization. This aspect has led to an increased focus on research and development to create more sustainable shipping solutions.

Regionally, the Asia Pacific dominates the market due to its rapidly growing economies and significant consumption of crude oil. The region's substantial industrial base and increasing energy needs drive the demand for crude oil transportation. Moreover, North America holds a prominent position in the market, attributed to its vast crude oil production capacities and advanced infrastructure for tanker operations. Meanwhile, the Middle East & Africa region, being a major crude oil producer, also plays a critical role in the global market dynamics. The continuing infrastructural developments and exploration activities in these regions present immense opportunities for market expansion.

Vessel Type Analysis

The vessel type segment in the crude oil tankers market is crucial, as it determines the capacity and efficiency of crude oil transportation. Very Large Crude Carriers (VLCC) are the largest vessel type, capable of carrying up to 320,000 deadweight tonnage (DWT). These giants of the sea are predominantly used for long-haul routes from the Middle East to Asia and North America, capitalizing on economies of scale to reduce transportation costs per barrel. Their ability to transport large quantities of crude oil makes them indispensable in the global oil supply chain, especially for oil-producing countries aiming to maximize export volumes.

Suezmax tankers, slightly smaller than VLCC, have a maximum capacity of about 160,000 DWT. These vessels are designed to transit the Suez Canal, providing flexibility and reducing transportation times for certain routes. Suezmax tankers are ideal for routes where cargo volumes are not sufficient to justify the deployment of a VLCC. The global demand for Suezmax tankers is driven by their cost-effectiveness and operational efficiency, particularly in regions where canal transit offers a

OPEC+ ministers meet to discuss oil production strategy, likely increasing output in May to stabilize prices and support global economic recovery.