Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% 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.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

The global crude oil market size reached approximately 100.50 MB/d in 2024. The market is projected to grow at a CAGR of 0.90% between 2025 and 2034, reaching around 109.92 MB/d by 2034.

Global Crude Oil market size is expected to reach $3795.54 billion by 2029 at 4.3%, segmented as by type, transport, industrial, other types

Crude Oil Market Outlook

As of 2023, the global crude oil market size was valued at approximately USD 1.3 trillion, and it is expected to reach USD 1.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 3.0% during the forecast period. The growth of this market is fueled by increasing demand in various industrial applications, coupled with advancements in extraction technologies that have made previously unrecoverable reserves accessible. Furthermore, the ongoing industrialization in emerging economies and the rising global energy demand are significant factors contributing to the market expansion. These factors are expected to consistently drive the crude oil market over the coming decade, despite growing environmental concerns and the push for renewable energy sources.

The primary growth factor for the crude oil market is the expanding global transportation sector, which remains heavily reliant on fossil fuels. As both personal and commercial transportation increases, so does the demand for crude oil, as it is the primary raw material for the production of fuels like gasoline, diesel, and aviation fuel. This is particularly evident in regions with burgeoning automotive markets and aviation sectors, where there is a continuous need to meet the energy requirements. Moreover, the development of infrastructure in developing countries is further bolstering the consumption of crude oil, especially in sectors such as road and air transport, which are pivotal to economic progress.

Another significant factor contributing to the growth of the crude oil market is its broad application base across various industrial sectors. Crude oil is not only a vital energy source but also a critical input for numerous petrochemical products, which are integral to industries such as plastics, pharmaceuticals, and chemicals. The industrial demand for crude oil is expected to remain robust as these sectors continue to expand, driven by technological innovations and a growing global population. Additionally, the power generation sector still relies on crude oil, albeit to a lesser extent, maintaining a steady demand alongside the increasing share of renewable energy sources.

Technological advancements in extraction techniques like hydraulic fracturing and horizontal drilling have unlocked new reserves, contributing significantly to supply-side growth. These technologies have made it economically viable to extract oil from unconventional sources such as shale formations and deep-sea reserves. This has not only increased the global supply of crude oil but also enhanced the competitiveness of oil-producing countries, particularly the United States, which has emerged as a major player in the global market. As technology continues to evolve, it is expected to further streamline production processes, reduce costs, and open up new areas for exploration.

Regionally, the Asia Pacific region is projected to witness the highest growth in the crude oil market, driven by rapid industrialization and urbanization in countries like China and India. The region's demand for energy is skyrocketing, fueled by economic development and an increasing population. North America remains significant due to advancements in extraction technologies and substantial shale reserves. Meanwhile, the Middle East and Africa continue to hold strategic importance due to their vast conventional oil reserves. Europe and Latin America, while also important markets, are expected to grow at a more moderate pace as they balance energy needs with sustainability initiatives.

Type Analysis

The crude oil market is segmented by type into light, medium, and heavy crude oil. Light crude oil is highly sought after due to its high yield of valuable products such as gasoline and diesel upon refining. It is generally preferred by refineries because of its lower sulfur content and ease of processing, resulting in lower overall production costs. The demand for light crude oil is expected to remain strong as refineries continue to upgrade and optimize their processes to produce cleaner fuels. Moreover, the development of new refining technologies may further enhance the processing efficiency of light crude, sustaining its demand in the market.

Medium crude oil, characterized by its balanced sulfur content and density, serves as a versatile feedstock for refineries across the globe. Although not as easily processed as light crude, medium crude oil provides a good yield of both light and heavy petroleum products. Its market demand is also driven by the flexibility it offers refineries in terms of product output. In regions wit

Brent rose to 70.69 USD/Bbl on July 11, 2025, up 2.99% from the previous day. Over the past month, Brent's price has risen 1.92%, but it is still 16.86% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on July of 2025.

This dataset contains information about world's crude oil prices for 1861-2020. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research.Notes: 1861-1944 US Average 1945-1983 Arabian Light posted at Ras Tanura 1984-2016 Brent dated. $2020 (deflated using the Consumer Price Index for the US

Global Crude Oil market size 2025 is $3415.7 Billion whereas according out published study it will reach to $4722.66 Billion by 2033. Crude Oil market will be growing at a CAGR of 4.133% during 2025 to 2033.

The UK crude oil market totaled $43B in 2024, surging by 9.3% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Crude oil consumption peaked at $48.1B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

The size of the Crude Oil market was valued at USD XX Million in 2024 and is projected to reach USD XXX Million by 2033, with an expected CAGR of 3% during the forecast period.Crude oil is the natural flammable liquid occurring under the surface of the earth, which mainly constitutes hydrocarbons. Being one of the fundamental sources of energy for the global economy, it forms the basic feedstock material for a list of such commodities as gasoline, diesel fuel, jet fuel, heating oil, and petrochemicals. Petrochemicals are products applied in plastics manufacture, fertilizer, and medicine production. Global economic growth, geopolitical developments, energy production technological changes, and environmental policy, are considered major influences to crude oil markets.

The North American crude oil market reached $578.8B in 2024, increasing by 3.5% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $626.2B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

Market Overview and Growth Dynamics: The global crude oil carrier market is projected to reach $263.73 billion by 2033, exhibiting a CAGR of 3.66% from 2025 to 2033. The market's growth is driven by increasing global crude oil demand, expanding oil exploration and production activities, and rising trade volumes between oil-producing and consuming regions. Key market trends include the adoption of fuel-efficient and environment-friendly vessels, the development of larger and more efficient oil tankers, and the growing importance of digitalization in vessel operations. Competitive Landscape and Regional Insights: The crude oil carrier market is highly fragmented with a large number of regional and global players. Major companies include Teekay Corporation, Frontline, Shipping Corporation of India, Tsakos Energy Navigation Limited, and Maersk Tankers. Key segments of the market include deposit control, antioxidant corrosion, corrosion inhibitors, diesel, gasoline, aviation turbine fuel, North America, Europe, Asia Pacific, and the Middle East & Africa. The Asia Pacific region is expected to witness significant growth due to the increasing demand for oil in emerging economies like China and India. The Middle East & Africa region also holds potential due to its vast oil reserves and growing trade with Asian countries. Recent developments include: In December 2019,At the 2018 Lloyd's List Awards, held at the Hilton Park Lane in London, AET Group was named Tanker Operator of the Year. This honour is the first of its kind on an international scale, and it is attributed to the staff's devotion, enthusiasm, and tenacity both at sea and on land., In May 2019,Teekay Offshore, a well-known company, announced a new $ 100 million revolving credit facility for the Voyageur Spirit, Piranema Spirit, and Petrojarl Varg FPSO units in collaboration with LP, a renowned worldwide midstream services provider., In June 2019,China launched the world's first smart crude oil carrier, New Journey, with a capacity of 2.257 million barrels. It was recently transferred to China Merchant Energy Shipping Co in Dalian. Autopilot navigation, intelligent liquefied cargo management, equipment operation and maintenance, complete energy efficiency management, and integrated ship-to-shore communication are all included in this ship.. Notable trends are: Demand for crude oil will drive market growth..

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

The Jordanian crude oil market reached $1.2B in 2024, increasing by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a abrupt setback. Crude oil consumption peaked at $2.6B in 2012; however, from 2013 to 2024, consumption failed to regain momentum.

The German crude oil market rose slightly to $46.9B in 2024, growing by 3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a perceptible curtailment. Crude oil consumption peaked at $66.7B in 2012; however, from 2013 to 2024, consumption stood at a somewhat lower figure.

The global reserve crude oil market is being supported by the rising demand for fuel oil, which stood at a volume of nearly 106279.67 KB/d in 2024. The demand for fuel oil is further expected to grow at a CAGR of 2.00% over the forecast period of 2025-2034 to attain a volume of 129554.32 KB/d by 2034.

The Crude Oil Flow Improvers Report is Segmented by Improver Type (Paraffin and Asphaltene Inhibitors, Drag Reducing Agents, Scale and Corrosion Inhibitors, and More), Oil Type (Light and Medium, Heavy and Extra-Heavy), Deployment Location (Onshore and Offshore), Application (Extraction, Pipelines and Transportation, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Stay updated with Market Research Intellect's report_name, valued at current_value in 2024, projected to reach forecast_value by 2033 with a CAGR of cagr_value (2026-2033).

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The crude oil flow improvers market share is expected to increase by USD 32.7 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.02%.

This crude oil flow improvers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers crude oil flow improvers market segmentation by product (paraffin inhibitors, asphaltene inhibitors, scale inhibitors, drag-reducing agents, and hydrate inhibitors), application (extraction, refining, and transportation), and geography (MEA, North America, Europe, APAC, and South America). The crude oil flow improvers market report also offers information on several market vendors, including Baker Hughes Co., BASF SE, Clariant International Ltd., Croda International Plc, Dorf Ketal Chemicals (I) Pvt. Ltd., Dow Inc., Evonik Industries AG, Infineum International Ltd., Schlumberger Ltd., and The Lubrizol Corp. among others.

What will the Crude Oil Flow Improvers Market Size be During the Forecast Period?

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Crude Oil Flow Improvers Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The shift from shallow to deep water exploration is notably driving the crude oil flow improvers market growth, although factors such as stringent regulations and policies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the crude oil flow improvers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Crude Oil Flow Improvers Market Driver

The shift from shallow to Deepwater exploration is one of the key factors driving the growth of the global crude oil flow improvers market. Most of the offshore production is mainly concentrated in shallow waters because of the low cost and technical challenges. Advances in drilling technology, floating production, dynamic positioning equipment, and drilling units have made deepwater exploration a viable option. The exhaustion of some of the shallow offshore resources has pushed the vendors to explore and produce oil and gas from deepwater and ultra-deepwater (at depths of 1,500 meters or more) resources. The increasing oil exploration in deepwater and ultra-deepwater is expected to drive the demand for crude oil flow improvers. Low temperatures and high pressure on offshore locations can lead to the precipitation of waxes, hydrates, and asphaltenes. Crude oil flow improvers enhance the flow assurance of crude oil and help in increasing production capacity.

Key Crude Oil Flow Improvers Market Trend

The refracturing of old crude oil wells will fuel the global crude oil flow and improvers market growth. Refracturing shale wells is a topical issue as operators can use the latest technologies on old wells, thereby increasing the production without incurring costs on new wells. The functions of old or underperforming wells are stopped, and hydraulic stimulation is applied for completion. The application of hydraulic stimulation in horizontal shale wells is in the initial phase. The fracking process uses horizontal drilling to access the shale deposits that were previously inaccessible using conventional drilling methods. After drilling into the earth, a high-pressure water mixture, which is called fracking fluid, is applied to the rock to trigger the release of the gas and petroleum present inside. The rising adoption of the fracking technique has enabled energy companies to discover and obtain very large quantities of oil and natural gas in various parts of the world. Such instances of mergers and acquisitions are expected to foster market growth during the forecast period.

Key Crude Oil Flow Improvers Market Challenge

The stringent regulations and policies are a major challenge for the global crude oil flow and improvers market growth. The US Environmental Protection Agency (EPA) is undertaking a study to understand the relationship between hydraulic fracturing and drinking water resources and focus on the fracturing of shale natural gas wells. In California, a lawsuit was filed, which challenged the Federal government's insufficient investigation of the offshore fracking threats on the coast of California. Following France, Bulgaria, and Germany, Scotland banned the fracking process in 2015 because of its harmful environmental effects. The UK, Romania, Denmark, Ireland, South Africa, and the Czech Republic have imposed moratoriums on fracking. However, under an emergency order, the US EPA forced thre

The shale oil industry, currently experiencing robust growth with a Compound Annual Growth Rate (CAGR) exceeding 5%, presents a compelling investment landscape. Driven by increasing global energy demand, technological advancements in hydraulic fracturing and horizontal drilling, and favorable government policies in key regions like North America, the market is projected to reach significant value by 2033. While fluctuating oil prices represent a considerable restraint, continuous innovation in extraction techniques, aimed at improving efficiency and reducing costs, is mitigating this risk. The market is segmented by production, consumption, import/export analysis (both value and volume), and price trends, offering a detailed understanding of market dynamics. Major players such as ExxonMobil, Chevron, and ConocoPhillips are leading the industry's expansion, continuously investing in exploration and production to maintain their market share. Regional variations exist, with North America currently dominating the market due to its established shale oil reserves and infrastructure, but regions like the Asia-Pacific are anticipated to witness substantial growth fueled by increasing energy consumption and infrastructure development. The forecast period from 2025 to 2033 anticipates a sustained expansion, though the rate of growth might fluctuate based on geopolitical factors and global economic conditions. Careful consideration of environmental concerns, including water usage and greenhouse gas emissions, is becoming increasingly crucial for the industry's long-term sustainability. Regulations and public perception surrounding environmental impact will play a significant role in shaping future market trajectories. Market analysis indicates a continuing shift towards more efficient and environmentally conscious extraction methods, attracting investment in research and development to enhance operational sustainability. Diversification of energy sources and the rising prominence of renewable energy will also influence the shale oil industry’s long-term growth potential. Nevertheless, the industry’s significant role in global energy security is expected to ensure its continued relevance and expansion for the foreseeable future. Recent developments include: In July 2022, Oilex and Schlumberger won a contract for the supply by Schlumberger of hydraulic fracturing services, coiled tubing and nitrogen services, and perforation services for the planned re-frac of the Cambay C-77H well in Gujarat, India., In April 2022, CNX Resources Corporation (NYSE: CNX) and Evolution Well Services announced a four-year extension to the previous contract. Since 2019, Evolution has provided its industry-leading electric fracturing technology to CNX. The technology is a 100% electric, natural gas-fueled, gas turbine-powered fracturing fleet for strategic basin development.. Notable trends are: Growing Petrochemical Industry to Drive the Market.