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.

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.

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.

The average price of Indian basket crude oil was estimated to reach 97.67 U.S. dollars per barrel in the financial year 2023. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly increased from the previous year’s average of 78.19 U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost 112 U.S. dollars per barrel.

Recent trends in the Indian oil industry

The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years.

The future of the Indian energy sector

As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.

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.

Crude Oil Production in Hungary decreased to 22 BBL/D/1K in November from 23 BBL/D/1K in October of 2024. This dataset provides the latest reported value for - Hungary Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

After some fluctuation in the oil industry's early years, where prices were incredibly high for that time period due to low supply, the cost of oil in the U.S. remained below five U.S. dollars per barrel in the century between the 1870s and 1970s. Due to the 1973 Arab-Israeli War, the Arab OPEC states then placed an embargo on Israel's allies, particularly the United States, which resulted in domestic prices almost doubling within two years. Less than a decade later, due to the Iranian Revolution, domestic prices in the U.S. more than tripled between 1978 and 1981. Domestic prices in the U.S. were very subject to those within the OPEC bloc, as OPEC-produced oil was often much cheaper than U.S. oil even after duties and transport fees were applied. U.S. production then fell from the 1980s to the 2010s, and high production costs were then passed on to consumers. Prices peaked between 2008 and 2013, at around 95 dollars per barrel, before the developments in unconventional oil industries, such as shale oil refinement, fracking, and horizontal mining, have seen prices fluctuate in recent years

In February 2025, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged 71.53 U.S. dollars. This was a decrease compared to the previous month amid continued weak demand outlooks and expectations for production increases. WTI and other benchmark crudes WTI is also known as "Texas light sweet", and is a grade of crude oil used as a benchmark for oil produced in the United States. It has an API gravity of around 39.6 and specific gravity of about 0.827, which, relative to other crude oils, is considered “light,” hence the name. WTI also contains about 0.24 percent sulfur, making it a “sweet” crude oil. The price of WTI can be compared to the prices other of crude oils, i.e. UK Brent, the OPEC basket, and Dubai Fateh oil. WTI crude oil is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. U.S. oil production and its influence on light oil prices The price development of WTI crude oil relative to Brent crude oil has been influenced by variances in U.S. crude oil transportation and increased U.S. oil production. New transportation infrastructure became operational in early 2013, easing the movement of crude oil in the mid-continent and raising the price of WTI. Since then, U.S. refineries have increased production of crude oil to record levels, also raising the price of WTI. Meanwhile, expedited crude transport in the U.S. put downward pressure on Brent crude oil as domestic crude replaced some imported Brent crude. Between 2014 and 2016, UK Brent prices dropped rapidly, as was the case for all other crude oils.

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.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

After two years of decline, the Latin American market for crude sunflower-seed and safflower oil increased by 30% to $1.4B in 2024. The total consumption indicated a mild expansion from 2012 to 2024: its value increased at an average annual rate of +1.3% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -15.6% against 2021 indices.

The Italian virgin olive oil market skyrocketed to $3.3B in 2024, surging by 30% against the previous year. Overall, the total consumption indicated a pronounced expansion from 2012 to 2024: its value increased at an average annual rate of +3.3% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +81.9% against 2020 indices.

According to Cognitive Market Research, the global Low-Sulfur Fuel Oil (LSFO) market will be USD 49514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 19.50% from 2024 to 2031.

North America was the major Market, accounting for more than 40% of global revenue. With a market size of USD 19805.68 million in 2024, it will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 14854.26 million.
Asia Pacific held a market share of around 23% of global revenue, with a market size of USD 11388.27 million in 2024, and will grow at a compound annual growth rate (CAGR) of 21.5% from 2024 to 2031.
Latin America's Market will have more than 5% of the global revenue with a market size of USD 2475.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The Market was USD 990.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.
The 2000 PPM held the highest Low Sulfur Fuel Oil - LSFO market revenue share in 2024.

Increasing Awareness of Air Quality Issues to Boost Market Growth

The increasing awareness of air quality issues serves as a pivotal driver in the Low Sulfur Fuel Oil (LSFO) market. As global environmental concerns escalate, there is a growing recognition of the adverse impact of traditional high-sulfur fuels on air quality and human health. Governments and regulatory bodies worldwide are implementing stringent emission standards to mitigate pollution, particularly in the maritime sector. This heightened awareness has led to a substantial shift toward cleaner and environmentally friendly alternatives, such as LSFO.

Stakeholders in various industries, including shipping and logistics, are now prioritizing sustainable practices to reduce their carbon footprint. The emphasis on air quality improvement has created a significant market demand for LSFO, as it aligns with the broader objective of reducing sulfur dioxide emissions and other harmful pollutants. Consequently, the LSFO market experiences a surge in adoption, driven by the imperative to address air quality concerns and promote a more sustainable and ecologically responsible approach to energy consumption.

Advancements in Refining Technologies to Boost Market Growth

Advancements in refining technologies play a pivotal role as a driver in the Low Sulfur Fuel Oil (LSFO) market. With the implementation of stringent sulfur emission regulations, refineries have been compelled to innovates their processes for producing cleaner fuels. The development of advanced refining techniques, such as hydrocracking and desulfurization methods, enables the efficient removal of sulfur from fuel oils, yielding low sulfur content in compliance with environmental standards. These technological strides not only enhance the production of LSFO but also contribute to increased fuel efficiency and reduced environmental impact. The continuous evolution of refining technologies empowers the industry to meet and surpass regulatory requirements, ensuring the production of high-quality LSFO. As a result, these advancements not only drive market growth but also foster sustainability by minimizing air pollution and supporting the global transition towards cleaner energy sources in maritime and other industries dependent on fuel oil.

Market Restraints of the Low Sulfur Fuel Oil LSFO market

Uncertainties in Global Crude Oil Prices to Limit Market Growth

Uncertainties in global crude oil prices serve as a significant restraint in the Low Sulfur Fuel Oil (LSFO) market. Fluctuations in crude oil prices impact the overall cost structure of LSFO production, leading to volatility in its market pricing. LSFO, derived from crude oil, is susceptible to variations in geopolitical events, economic conditions, and supply-demand dynamics. Sudden spikes or declines in crude oil prices can pose challenges for LSFO market participants, affecting their profitability and decision-making processes. Additionally, uncertainties surrounding future oil price trends create a challenging environment for long-term investment planning in LSFO production and infrastructure. Market players in the LSFOector must navigate these uncertainties...

In 2024, the annual average WCS oil price was 60.99 U.S. dollars per barrel. This was an increase of more than two U.S. dollars compared to the previous year. The lowest annual average was recorded in 2020, the first year of the coronavirus pandemic.

The Greek refined coconut oil market soared to $45M in 2024, with an increase of 30% against the previous year. Over the period under review, the total consumption indicated slight growth from 2012 to 2024: its value increased at an average annual rate of +1.4% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Short-term supply-side price risk index. This index captures the price influence of changes in oil supply in the 0-30 day outlook period.

According to Cognitive Market Research, the global Oilfield Chemical Market size is USD 29814.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 11925.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 8944.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 6857.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 1490.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa hada market share of around 2% of the global revenue and was estimated at a market size of USD 596.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Theproduction application category is the fastest-growing segment in the Oilfield Chemical Market, driven by the ongoing efforts to maximize oil and gas output from existing wells.

Market Dynamics of Oilfield Chemical Market

Key Drivers for Oilfield Chemical Market

Increasing Oil and Gas Exploration Activities to Increase the Demand Globally

The oilfield chemical market is witnessing growth due to the rising exploration and drilling activities globally. With the increasing demand for oil and gas, especially from emerging economies, oil companies are intensifying their exploration efforts. This trend is particularly notable in regions like North America and the Middle East, where shale gas exploration and deep-water drilling have surged. As companies delve into more challenging terrains to extract hydrocarbons, the need for specialized chemicals to enhance drilling efficiency, improve oil recovery rates, and mitigate operational challenges is growing. This demand is expected to drive the market for oilfield chemicals in the coming years.

Focus on Maximizing Production Efficiency and Cost Reduction to Propel Market Growth

Another key driver in the oilfield chemical market is the industry's focus on maximizing production efficiency while reducing costs. Oil companies are increasingly adopting advanced chemical solutions to optimize production processes, enhance well performance, and extend the lifespan of oilfields. These chemicals play a crucial role in controlling corrosion, reducing scaling, and preventing the formation of wax and asphaltene deposits, which can hamper production efficiency. By investing in innovative chemical solutions, oil companies aim to increase their profitability by improving production yields and minimizing downtime, thus driving the demand for oilfield chemicals.

Restraint Factor for the Oilfield Chemical Market

Fluctuating Crude Oil Prices to Limit the Sales

The Oilfield Chemical Market faces a significant restraint in the form of fluctuating crude oil prices. The price volatility of crude oil directly affects the exploration and production activities in the oil and gas industry, consequently impacting the demand for oilfield chemicals. During periods of low crude oil prices, oil companies tend to reduce their drilling and exploration activities, leading to a decline in the demand for oilfield chemicals. Conversely, when crude oil prices are high, there is an increase in drilling and exploration, boosting the demand for these chemicals. This cyclic nature of the market makes it challenging for oilfield chemical manufacturers to predict and stabilize their revenues, thus restraining the overall growth of the market.

Impact of Covid-19 on the Oilfield Chemical Market

The Oilfield Chemical Market witnessed a significant impact from the COVID-19 pandemic, primarily due to the unprecedented slowdown in global economic activities and the drastic reduction in oil prices. The restrictions imposed to curb the spread of the virus led to a sharp decline in oil demand, resulting in reduced drilling and exploration activities. This reduction directly affected the demand for oilfield chemicals. Moreover, disruptions in the global supply chain and logistical challenges further exacerbated the situation, hindering the ...

In 2024, the Omani refined rapeseed oil market decreased by -3.2% to $30M, falling for the second consecutive year after three years of growth. Over the period under review, the total consumption indicated a measured increase from 2012 to 2024: its value increased at an average annual rate of +2.2% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period.

In December 2024, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately 62 U.S. dollars per barrel, having increased slightly from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as 16.6 U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly 35.4 billion U.S. dollars in 2021. In physical terms, Russia supplied around 107 million metric tons of crude oil to China in 2023, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over 78 percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly 69 percent in Lithuania, 30 percent in Germany, and 12 percent in the UK.

In 2024, the Serbian market for crude sunflower-seed and safflower oil decreased by -19.3% to $30M for the first time since 2021, thus ending a two-year rising trend. In general, consumption recorded a deep downturn. Over the period under review, the market hit record highs at $87M in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

According to Cognitive Market Research, the global Shock Absorber Oil market size will be USD xx million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD xx million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD xx million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The mineral oil type category is the fastest growing segment of the shock absorber oil industry

Market Dynamics of Shock Absorber Oil Market

Key Drivers for Shock Absorber Oil Market

Advancements in Shock Absorber Technology to Boost Market Growth

Manufacturers are creating new shock absorber oils with improved performance features such as viscosity, temperature stability, and damping. Shock absorber design innovations, such as the use of sophisticated materials and manufacturing techniques, have resulted in increased performance and longevity. Electronic control systems can be built into shock absorbers to provide adaptive damping, allowing them to react to changing road conditions and driving styles. Some shock absorber oils are being created with self-healing properties, allowing them to repair small damage while maintaining performance over time. The next generation of electric vehicles, including cutting-edge shock absorber technology, is expected to provide considerable future commercial prospects in the automotive shock absorber market. Furthermore, the shock absorber sector is predicted to expand during the projection period due to increased consumer demand for personal vehicles. For instance, in 2021, the International Association of Motor Vehicle Manufacturers (OICA) predicts that 26 million commercial vehicles and 56 million passenger cars will be sold worldwide.

Increased Need for Comfort and Safety in Vehicles to Drive Market Growth

The shock absorber system reduces vibration and shocks on uneven terrains, increasing the rider's comfort and safety while driving or riding. Growing concerns about vehicle comfort and safety are pushing innovation in shock absorbers. Furthermore, the preference of end consumers for luxury vehicles with long-lasting shock absorber systems is expected to drive market demand in the coming years. Analysis of automotive shock absorber market trends shows that the surge in demand for tiny and lightweight components for new cars is expected to drive demand for shock absorbers.

Restraint Factor for the Shock Absorber Oil Market

Fluctuating Raw Material Prices Will Limit Market Growth

Crude oil prices have a direct impact on the market because it is the principal element in the majority of shock absorbers. When crude oil prices rise, the cost of producing shock absorber oil rises, resulting in higher pricing for customers. Conversely, a drop in crude oil prices might lead to lower production costs and more competitive pricing. Shock absorber oils frequently include viscosity modifiers, antioxidants, and anti-wear compounds. The pricing of these additives might also affect the overall cost of shock absorber oil. Prices for these additives might fluctuate due to changes in supply and demand. The market's prices fluctuate due to the fluctuating cost of raw materials. This might cause uncertainty for both producers and customers.

Impact of Covid-19 on the Shock Absorber Oil Market

Lockdowns and travel restrictions caused a significant reduction in vehicle manufacturing and sales. This, in turn, reduced demand for shock absorber oil, which is a critical component in car suspension systems. Factory closures, transportation delays, and labor shortages have affected global supply networks. This impacted the supply of raw ma...