As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three 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 a 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.

According to a 2024 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of 62 U.S. dollars per barrel in order to profitably drill a new well. This compared to a minimum breakeven price of 38 U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between 77 and 81 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 2023, production in the Permian reached nearly six million barrels per day - more than five 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.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.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 (whereby a contract is agreed upon, while the 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.

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.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 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 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, 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 March of 2025.

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.

Key information about United States Oil Consumption

• United States Oil Consumption was reported at 18,983.557 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 18,862.210 Barrel/Day th for Dec 2022
• US Oil Consumption data is updated yearly, averaging 17,634.400 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 20,531.482 Barrel/Day th in 2005 and a record low of 11,512.436 Barrel/Day th in 1965
• US Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

United States RNI: OL: UO: Kerosene & Light Gas Oils data was reported at -484.000 Barrel th in Sep 2018. This records an increase from the previous number of -775.000 Barrel th for Aug 2018. United States RNI: OL: UO: Kerosene & Light Gas Oils data is updated monthly, averaging -1,015.000 Barrel th from Jan 2005 (Median) to Sep 2018, with 165 observations. The data reached an all-time high of 3,807.000 Barrel th in Apr 2005 and a record low of -7,228.000 Barrel th in Dec 2015. United States RNI: OL: UO: Kerosene & Light Gas Oils 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.RB063: Crude Oil and Petroleum Products: Refinery Net Input.

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.

United States PADD I: Refinery Stocks: PP: UO: Heavy Gas Oils data was reported at 2,470.000 Barrel th in Apr 2018. This records a decrease from the previous number of 2,655.000 Barrel th for Mar 2018. United States PADD I: Refinery Stocks: PP: UO: Heavy Gas Oils data is updated monthly, averaging 3,029.000 Barrel th from Jan 1993 to Apr 2018, with 304 observations. The data reached an all-time high of 6,565.000 Barrel th in Jan 1993 and a record low of 1,282.000 Barrel th in Jan 2004. United States PADD I: Refinery Stocks: PP: UO: Heavy Gas Oils data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s USA – Table US.RB064: Crude Oil and Petroleum Products: Supply and Disposition: by Area.

Gasoline increased 0.22 USD/GAL or 10.89% since the beginning of 2025, 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 March of 2025.

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.

In February 2025, the average price of one barrel of Brent crude oil was 75.44 U.S. dollars. This was some four U.S. dollars below prices the previous month as demand for oil was expected to stagnate in the coming months. 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 twenty 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 PADD IV: Ending Stocks: NL: Natural Gas Liquids (NGL) data was reported at 3,013.000 Barrel th in Apr 2018. This records an increase from the previous number of 2,648.000 Barrel th for Mar 2018. United States PADD IV: Ending Stocks: NL: Natural Gas Liquids (NGL) data is updated monthly, averaging 2,074.500 Barrel th from Jan 2010 (Median) to Apr 2018, with 100 observations. The data reached an all-time high of 4,430.000 Barrel th in Oct 2017 and a record low of 1,239.000 Barrel th in Mar 2010. United States PADD IV: Ending Stocks: 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 USA – Table US.RB064: Crude Oil and Petroleum Products: Supply and Disposition: by Area.

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.

Crude oil prices have a significant impact on the global economy, influenced by factors such as supply and demand dynamics, geopolitical tensions, and economic outlook. This article explores the volatility of crude oil prices in recent years and their fluctuations due to events like the COVID-19 pandemic. It also highlights the current trends in oil prices and discusses the factors that can affect them.

United States RNI: OL: OH: Fuel Ethanol data was reported at 1,357.000 Barrel th in Apr 2018. This records a decrease from the previous number of 1,431.000 Barrel th for Mar 2018. United States RNI: OL: OH: Fuel Ethanol data is updated monthly, averaging 1,276.500 Barrel th from Jan 2005 (Median) to Apr 2018, with 160 observations. The data reached an all-time high of 1,577.000 Barrel th in Mar 2013 and a record low of 179.000 Barrel th in Apr 2005. United States RNI: OL: OH: Fuel Ethanol 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.

Learn about the factors that affect the cost of producing oil and gas, including location, extraction method, reservoir characteristics, infrastructure, technology, and labor/regulatory costs. Discover the current average global costs and understand how market dynamics can impact the final selling price.