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.

Brent fell to 66.11 USD/Bbl on August 8, 2025, down 0.48% from the previous day. Over the past month, Brent's price has fallen 5.81%, and is down 17.01% compared to the same time last year, 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 August of 2025.

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.

On August 4, 2025, the Brent crude oil price stood at 68.59 U.S. dollars per barrel, compared to 66.29 U.S. dollars for WTI oil and 71.58 U.S. dollars for the OPEC basket. OPEC prices rose slightly that week, while Brent and 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.

Urals Oil fell to 63.17 USD/Bbl on August 7, 2025, down 2.76% from the previous day. Over the past month, Urals Oil's price has fallen 4.94%, and is down 15.37% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.23 U.S. dollars per barrel as of June. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Heating Oil rose to 2.27 USD/Gal on August 8, 2025, up 0.09% from the previous day. Over the past month, Heating Oil's price has fallen 5.82%, and is down 3.06% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on August of 2025.

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.

NN: OPEC: SCOP: Average: Congo: Djeno data was reported at 78.520 USD/Barrel in Oct 2018. This records an increase from the previous number of 76.180 USD/Barrel for Sep 2018. NN: OPEC: SCOP: Average: Congo: Djeno data is updated monthly, averaging 64.080 USD/Barrel from Jun 2017 (Median) to Oct 2018, with 17 observations. The data reached an all-time high of 78.520 USD/Barrel in Oct 2018 and a record low of 44.300 USD/Barrel in Jun 2017. NN: OPEC: SCOP: Average: Congo: Djeno data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries. The data is categorized under World Trend Plus’s Association: Oil and Gas Sector – Table RO.OPEC.CO: Crude Oil Price: Monthly.

The average price of Indian basket crude oil was estimated to reach ***** U.S. dollars per barrel in the financial year 2024. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly decreased from the previous year’s average of ***** U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost *** 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.

Crude Oil: Avg Price: Western Canada Select Hardisty data was reported at 340.390 CAD/Cub m in 27 Aug 2018. This records a decrease from the previous number of 343.420 CAD/Cub m for 24 Aug 2018. Crude Oil: Avg Price: Western Canada Select Hardisty data is updated daily, averaging 308.695 CAD/Cub m from Jan 2014 (Median) to 27 Aug 2018, with 1214 observations. The data reached an all-time high of 594.090 CAD/Cub m in 20 Jun 2014 and a record low of 121.290 CAD/Cub m in 10 Feb 2016. Crude Oil: Avg Price: Western Canada Select Hardisty data remains active status in CEIC and is reported by Kent Group Ltd.. The data is categorized under Daily Database’s Commodity Prices and Futures – Table CA.DP001: Average Price: Crude Oil.

Canada has abundant resources of crude oil, with an estimated remaining ultimate potential of 52.3 106m³ (329 billion barrels) as of December 2017. Of this, oil sands account for 92 per cent. There are two major producing areas in Canada, the Western Canada Sedimentary Basin, which includes Alberta, Saskatchewan and parts of British Columbia and Manitoba, and offshore eastern Canada. Oil is also produced in modest volumes in Ontario and the Northwest Territories. Although Canada was the 4th largest producer in the world in 2018, it produces only about five per cent of total daily production, so it does not have a major influence on the world oil prices. In 2018, 96 per cent of Canadian crude exports went to the U.S. The Canada Energy Regulator regulates the export of crude oil. Holders of export authorizations report monthly statistics on export activities. This dataset provides historical export volumes of crude oil (by year and month), and by either type of oil or by destination of export.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.

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Petroleum Liquid Feedstock Market Size 2024-2028

The petroleum liquid feedstock market size is forecast to increase by USD 77.22 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth, driven by the rapid expansion of the transportation sector. This sector's increasing demand for fuel is leading to a wave in the consumption of petroleum liquid feedstocks. Another trend influencing the market is the adoption of blockchain technology in the oil and gas refining industry. Blockchain's transparency and security features are expected to streamline operations, reduce costs, and enhance efficiency in the refining process. Hydrocarbons, such as naphthalene, xylene, benzene, toluene, and heavy naphtha, are essential hydrocarbon feedstocks used in the production of industrial solvents, fuels, and other oil-based commodities. However, the market's growth is not without challenges. The volatility in global crude oil prices continues to pose a significant threat to market stability, making it essential for market players to adopt strategies that mitigate price risks and ensure long-term profitability.

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The petrochemical industry relies heavily on petroleum liquid feedstocks as the primary raw material for producing a wide range of chemicals, polymers, and other petrochemical products. The automotive fleet and the energy sector are significant consumers of these products, with motor vehicles utilizing petrochemicals for fuel and in the production of plastics and textiles. Petrochemical plants and refineries are the primary sources of these feedstocks, which include oil naphtha, coal naphtha, and wood naphtha.

The petrochemical industry's demand for these feedstocks is expected to grow due to increasing demand from the automotive and energy sectors. Crude material, such as unrefined petroleum, is the primary source of these feedstocks. Oil organizations play a crucial role in the production and distribution of these feedstocks to meet the growing demand from various industries. With the rise of electric vehicles, the demand for traditional fuels may decrease, but the demand for petrochemical products derived from these feedstocks is expected to remain strong due to their wide range of applications.

Market Segmentation

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

Type

  Naphtha
  Gasoil


Application

  Industrial solvents
  Cleaning fluids
  Adulterant to petrol
  Gasoline
  Others


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    India


  South America



  Middle East and Africa

By Type Insights

The naphtha segment is estimated to witness significant growth during the forecast period. The petrochemical industry relies heavily on petroleum liquid feedstock derived from crude oil for the production of various chemicals, polymers, and petrochemical products. In the refining process, crude oil undergoes primary distillation, resulting in the production of naphtha. This fractional distillation separates hydrocarbons based on their boiling points, yielding light and heavy naphtha. Light naphtha is primarily used as a feedstock for the synthesis of ethylene, which is further processed to produce synthetic rubber and other essential polymers. Conversely, heavy naphtha serves as a feedstock for the production of high-octane gasoline and aromatics, such as benzene, xylene, and toluene, essential for the automotive fleet and energy sector.

Moreover, naphtha is also used as marine fuel, bunkers, and motor vehicle fuel. With the increasing focus on cleaner energy sources and climate change mitigation, the petrochemical industry is exploring alternative feedstocks, such as biofuels, renewable feedstocks, biomass, waste oils, and even carbon fiber. Simultaneously, the exploration of unconventional crude oil deposits, including shale gas and offshore drilling, continues to expand refinery capacity. Data analytics plays a crucial role in optimizing refinery operations and enhancing the overall efficiency of the petrochemical sector. The chemical sector also utilizes naphtha, coal naphtha, and other hydrocarbons as feedstocks for steam crackers to produce essential chemicals, such as octane, propylene, and butadiene.

The integration of LNG terminals and gas imports further expands the availability of feedstocks, ensuring a steady supply to meet the growing demand for petrochemical products in various industries, including textiles, plastics, and the energy sector.

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The Naphtha segment accounted for USD 220.99 billion in 2018 and showed a gradual increase during the forecast

In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased 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 **** 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 **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, 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 ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

Crude Oil: Avg Price: Canada Light Sweet Edmonton data was reported at 486.160 CAD/Cub m in 27 Aug 2018. This records an increase from the previous number of 484.930 CAD/Cub m for 24 Aug 2018. Crude Oil: Avg Price: Canada Light Sweet Edmonton data is updated daily, averaging 411.520 CAD/Cub m from Sep 2016 (Median) to 27 Aug 2018, with 518 observations. The data reached an all-time high of 575.680 CAD/Cub m in 10 Jul 2018 and a record low of 330.050 CAD/Cub m in 22 Jun 2017. Crude Oil: Avg Price: Canada Light Sweet Edmonton data remains active status in CEIC and is reported by Kent Group Ltd.. The data is categorized under Daily Database’s Commodity Prices and Futures – Table CA.DP001: Average Price: Crude Oil.

Crude Oil Production in Ecuador decreased to 452 BBL/D/1K in March from 469 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - Ecuador Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Gasoline rose to 2.08 USD/Gal on August 11, 2025, up 0.64% from the previous day. Over the past month, Gasoline's price has fallen 3.77%, and is down 14.64% 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.

Sunflower Oil rose to 1,300.80 INR/10 kg on August 8, 2025, up 0.46% from the previous day. Over the past month, Sunflower Oil's price has risen 5.03%, and is up 45.54% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Sunflower Oil.