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.

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.

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.

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, 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 March of 2025.

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.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 73.64 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which stood at 73.64 U.S. dollars per barrel. 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.

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.

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

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.

Urals Oil decreased 3.02 USD/Bbl or 4.41% since the beginning of 2025, 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.

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.

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

Sunflower Oil increased 56 USD/T or 4.42% since the beginning of 2025, 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.

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.

This statistic depicts the average annual prices for palm oil from 2014 through 2026*. In 2023, the average price for palm oil stood at 886 nominal U.S. dollars per metric ton.

Key information about Nigeria Crude Oil: Exports

• Nigeria Crude Oil: Exports was reported at 1,476.170 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,388.260 Barrel/Day th for Dec 2022
• Nigeria Crude Oil: Exports data is updated yearly, averaging 1,812.003 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,464.120 Barrel/Day th in 2010 and a record low of 935.200 Barrel/Day th in 1983
• Nigeria Crude Oil: Exports 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: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

In 2021, the Cuban crude rapeseed oil market increased by 44% to $X, rising for the second year in a row after six years of decline. Overall, consumption, however, recorded a deep slump. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

In 2024, the Belarusian market for crude oil and processed petroleum was finally on the rise to reach $14.5B for the first time since 2021, thus ending a two-year declining trend. Over the period under review, consumption saw a mild increase. Crude oil and processed petroleum consumption peaked at $18.8B in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

In 2021, the Cuban crude palm oil market decreased by -12.2% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption saw a deep contraction. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.