As of June 2025, the average annual price of Brent crude oil stood at 71.91 U.S. dollars per barrel. This is over eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Learn about the factors that influence oil and gas prices and how they have evolved over the years, including supply disruptions, geopolitical tensions, economic growth, and the impact on various sectors.

Crude Oil fell to 67.26 USD/Bbl on August 1, 2025, down 2.89% from the previous day. Over the past month, Crude Oil's price has fallen 0.28%, and is down 8.51% compared to the same time last year, 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 August of 2025.

According to a 2025 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of ** U.S. dollars per barrel in order to profitably drill a new well. This compared to a minimum breakeven price of ** U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between ** and ** U.S. dollars per barrel around the time of the survey. Most productive oil basins Operators in shale basins have the lowest average breakeven prices for new wells. However, when it comes to existing wells, operators in the Permian (Delaware) basin can afford even lower oil prices. The Permian basin, located in Texas and New Mexico, accounts for the greatest U.S. oil production output of any region. In 2024, production in the Permian reached nearly *********** barrels per day - more than **** times the amount extracted from the neighboring Eagle Ford rock formation. Texas is leading oil producing state With both regions located in Texas, it is not surprising that this is also the leading crude oil producing U.S. state. Nearly two billion barrels worth of crude oil were extracted in Texas per year, far more than any other state. Texas is home to a total of five major oil and gas formations.

Gasoline fell to 2.11 USD/Gal on August 1, 2025, down 2.93% from the previous day. Over the past month, Gasoline's price has fallen 0.36%, and is down 9.53% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on August of 2025.

The production of unrefined mixture of naturally occurring hydrocarbons

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.

Oil and gas barrels are used as units of measurement in the oil and gas industry to quantify the volume of crude oil, natural gas, and other petroleum products. Find out more about the concept, standard sizes, and their significance in trading, pricing, and transportation.

Brazil Production: Liquefied Natural Gas: Barrel: São Paulo data was reported at 1,583,576.633 Barrel in May 2019. This records an increase from the previous number of 1,349,973.127 Barrel for Apr 2019. Brazil Production: Liquefied Natural Gas: Barrel: São Paulo data is updated monthly, averaging 0.000 Barrel from Jan 2000 (Median) to May 2019, with 233 observations. The data reached an all-time high of 1,828,470.706 Barrel in Jun 2018 and a record low of 0.000 Barrel in Sep 2011. Brazil Production: Liquefied Natural Gas: Barrel: São Paulo data remains active status in CEIC and is reported by National Petroleum Agency. The data is categorized under Brazil Premium Database’s Energy Sector – Table BR.RBD005: Production: Liquefied Natural Gas.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

One barrel of crude oil produces up to **** gallons of oil products. Gasoline is the most produced oil product, accounting for **** gallons, followed by diesel and heating oil. The volume of one barrel of crude oil is ** gallons.

Lubricants demand Lubricants account for a lesser volume of products produced from one barrel of crude oil. Nonetheless, they are of growing importance as the world increasingly relies on machinery on a daily basis. The automotive and industrial sectors especially have a high demand for such products in order to operate smoothly. Lubricants demand worldwide is forecast to continuously increase over the next few years and estimated to climb to over ** million metric tons by 2028. As of 2020, the United States and China had the largest lubricants market volume.

Global crude oil status quo The U.S. and China are also by far the countries with the highest oil consumption overall. Since 2006, daily global crude oil demand has increased in almost every year. The only exception was 2020, when travel restrictions and lockdowns due to the coronavirus pandemic brought about a decline in fuel demand. Although many governments are seeking to reduce fossil fuel reliance, oil demand is expected to grow further in the next years.

This dataset contains information about world's oil proved reserves for 1980-2020. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research.Notes:^ Less than 0.05.w Less than 0.05%.# Excludes Estonia, Latvia and Lithuania prior to 1996 and Slovenia prior to 1990.— 'Remaining established reserves', less reserves 'under active development'.Notes:Total proved reserves of oil - Generally taken to be those quantities that geological and engineering information indicates with reasonable certaintycan be recovered in the future from known reservoirs under existing economic and operating conditions. The data series for total proved oil does not necessarilymeet the definitions, guidelines and practices used for determining proved reserves at company level, for instance as published by the US Securities and Exchange Commission,nor does it necessarily represent BP’s view of proved reserves by country.Reserves-to-production (R/P) ratio - If the reserves remaining at the end of any year are divided by the production in that year, the result is the length of time that those remaining reserves would last ifproduction were to continue at that rate.Source of data - The estimates in this table have been compiled using a combination of primary official sources, third-party data from the OPEC Secretariat, World Oil, Oil &Gas Journal and an independent estimates of Russian reserves based on official data and Chinese reserves based on information in the public domain.Canadian oil sands 'under active development' are an official estimate. Venezuelan Orinoco Belt reserves are based on the OPEC Secretariat and government announcements.Reserves include gas condensate and natural gas liquids (NGLs) as well as crude oil.Annual changes and shares of total are calculated using thousand million barrels figures.

Explore the factors that influence the price of petroleum in the international market, including supply and demand dynamics, geopolitical tensions, economic conditions, and market speculation. Understand the role of Brent crude oil as a benchmark and the impact of global events on oil prices. Stay informed about the current price fluctuations and the need to monitor multiple factors for accurate assessments.

The price of refined petroleum per barrel is influenced by various factors, including the price of crude oil, supply and demand dynamics, global geopolitical events, and macroeconomic indicators. Understanding these factors is essential for policymakers, energy companies, and consumers to foresee and adapt to changes in petroleum prices.

Petroleum products in the refinery factory

In June 2025, the average price of one barrel of Brent crude oil was 71.44 U.S. dollars. This was around seven U.S. dollars more than prices the previous month, which were the lowest value in the past 24-month period. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

United States Field Production: NL: Natural Gas Liquids (NGL) data was reported at 138,936.000 Barrel th in Sep 2018. This records a decrease from the previous number of 141,670.000 Barrel th for Aug 2018. United States Field Production: NL: Natural Gas Liquids (NGL) data is updated monthly, averaging 54,182.000 Barrel th from Jan 1981 (Median) to Sep 2018, with 453 observations. The data reached an all-time high of 141,670.000 Barrel th in Aug 2018 and a record low of 41,625.000 Barrel th in Dec 1989. United States Field Production: NL: Natural Gas Liquids (NGL) data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB022: Petroleum Supply: Field Production.

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

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United States RNI: Natural Gas Liquids & LRGs (NL) data was reported at 13,351.000 Barrel th in Apr 2018. This records a decrease from the previous number of 14,892.000 Barrel th for Mar 2018. United States RNI: Natural Gas Liquids & LRGs (NL) data is updated monthly, averaging 13,864.500 Barrel th from Jan 2005 (Median) to Apr 2018, with 160 observations. The data reached an all-time high of 20,204.000 Barrel th in Dec 2017 and a record low of 10,573.000 Barrel th in Apr 2010. United States RNI: Natural Gas Liquids & LRGs (NL) data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s USA – Table US.RB063: Crude Oil and Petroleum Products: Refinery Net Input.

Graph and download economic data for U.S. Natural Gas Liquid Composite Price (MNGLCP) from Jan 2009 to Apr 2025 about natural resources, composite, gas, price, and USA.