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.

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.

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.

The monthly crude oil price index worldwide reached 182.78 index points in February 2025. Prices decreased compared to the previous month as economic activity was expected to continue to stagnate.

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.

An overview of the crude oil price trends from 2016 to 2021, highlighting the factors influencing fluctuations and their impact on the global economy.

In February 2025, the average price of one barrel of Brent crude oil was 75.44 U.S. dollars. This was some four U.S. dollars below prices the previous month as demand for oil was expected to stagnate in the coming months. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past twenty years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

United 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.

Crude oil prices in 2021 have experienced significant volatility influenced by various factors such as the COVID-19 pandemic, OPEC+ production decisions, geopolitical tensions, and the global economic recovery. This article discusses the factors that have impacted oil prices and highlights the recovery observed throughout the year, while also acknowledging the ongoing uncertainties that may shape future price trends.

The current price of US crude oil as of September 2021 is around $70-$75 per barrel. Learn about the factors that determine crude oil prices, including supply and demand dynamics, OPEC's influence, the impact of the COVID-19 pandemic, geopolitical events, and economic conditions. Understand why monitoring market trends and staying informed about global events are crucial for those involved in the oil industry and investors alike.

Palm Oil decreased 155 MYR/MT or 3.49% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm 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.

Crude Oil Price: Arbei data was reported at 74.510 USD/Barrel in Feb 2025. This records a decrease from the previous number of 77.140 USD/Barrel for Jan 2025. Crude Oil Price: Arbei data is updated monthly, averaging 79.370 USD/Barrel from Oct 2022 (Median) to Feb 2025, with 29 observations. The data reached an all-time high of 91.990 USD/Barrel in Sep 2023 and a record low of 70.370 USD/Barrel in Jun 2023. Crude Oil Price: Arbei data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Indonesia Premium Database’s Energy Sector – Table ID.RBH003: Crude Oil Price.

Explore the yearly trends and fluctuations in crude oil prices from 2008 to 2021, influenced by global demand, geopolitics, and natural disasters. Discover how factors such as the global financial crisis, economic recession, geopolitical events, and the COVID-19 pandemic have shaped the oil market.

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...

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 2021, the Cuban crude oil market decreased by 0% to $X, falling for the fifth year in a row after two years of growth. Over the period under review, consumption recorded a significant increase. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

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.

The size of the China Oil & Gas Upstream Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00">> 3.00% during the forecast period. The oil and gas upstream industry refers to the initial phase of the oil and gas supply chain, encompassing the exploration and production (E&P) of crude oil and natural gas. This segment focuses on locating hydrocarbon reserves, drilling wells, and extracting crude oil and natural gas from underground reservoirs. Exploration involves geological surveys and seismic studies to identify potential drilling sites, followed by exploratory drilling to confirm the presence of hydrocarbons. Once viable reserves are identified, production wells are drilled, and the extraction process begins, utilizing various technologies and techniques such as hydraulic fracturing and horizontal drilling to enhance recovery rates. The upstream sector is characterized by significant capital investment, long lead times, and inherent risks due to the uncertain nature of hydrocarbon discovery and fluctuating market prices. Companies operating in this space often include major integrated oil companies, independent exploration firms, and national oil companies. The upstream industry plays a critical role in meeting global energy demands, as it supplies the raw materials needed for refining and distribution to downstream operations. Additionally, this sector is subject to various regulatory frameworks and environmental considerations, emphasizing the need for sustainable practices and technological innovations to minimize ecological impacts. Overall, the upstream oil and gas industry is pivotal for energy security and economic development, contributing significantly to national revenues and job creation while facing ongoing challenges such as volatility in oil prices, geopolitical tensions, and the transition towards renewable energy sources. Recent developments include: In January 2022, Sinopec discovered a new oil and gas area with approximately 100 million tons of reserves in the Tarim Basin of northwest China's Xinjiang Uygur Autonomous Region. These latest reserves in Sinopec's Shunbei oil and gas field are estimated to provide 88 million tons of condensate oil and 290 billion cubic meters of natural gas., In June 2021, China National Petroleum Corporation (CNPC) announced the discovery of a new 1-billion-ton super-deep oil and gas area in the Tarim Basin in Northwest China's Xinjiang Uygur Autonomous Region. The discovered well is located in the Fuman Oilfield area, the main block for crude oil production in the Tarim Oilfield. Its drilling depth reached 8,470 meters, and the height of the test oil column hit 550 meters., In August 2021, PetroChina announced a massive shale oil discovery at the Gulong prospect in the area of the mature Daqing oilfield in northern China's Songliao Basin. The company detected 1.268 billion tons of oil in place (9.3 billion barrels).. Key drivers for this market are: 4., Increasing Electricity Demand4.; Rsing Investments in the Coal Industry. Potential restraints include: 4., Increasing Installation of Renewable Energy Sources. Notable trends are: Offshore Segment to Dominate the Market.

According to Cognitive Market Research, the global Commercial Aircraft Aviation Fuel market size will be USD XX million in 2023. It will expand at a compound annual growth rate (CAGR) of 15.20% from 2023 to 2030.

The demand for Commercial Aircraft Aviation Fuel is rising due to increasing focus on reducing carbon emissions.
Demand for air turbine fuel remains higher in the Commercial aircraft aviation fuel market.
The passenger aircraft category held the highest Commercial Aircraft Aviation Fuel market revenue share in 2023.
North American Commercial Aircraft Aviation Fuel will continue to lead, whereas the European Commercial Aircraft Aviation Fuel market will experience the most substantial growth until 2030.

Expansion of the Tourism Industry to Provide Viable Market Output

The expansion of tourism is influencing the market's growth. The surge in global tourism has led to a rise in air travel demand, subsequently driving the need for aviation fuel. As more people explore diverse destinations, airlines are compelled to increase their fleets and flights, increasing fuel consumption. Additionally, emerging economies witnessing a boost in tourism further amplify this trend. The expansion of the tourism sector acts as a key driver, stimulating investments and innovations in aviation fuel technology to meet the escalating requirements of the growing commercial airline industry.

For instance, According to the World Tourism Organization, a specialized agency of the United Nations (UN), tourist arrivals in Maldives in January 2021 stood at 92,103. This count rose to 99,397 by 3rd February 2021. The growing count of tourists is creating promising scope for the aviation industry.

Source-www.unwto.org/maldives-tourism-looking-up-after-reopening

Increased Development of Jet-a-fuels to Propel Market Growth

The development of jet-a-fuels has significantly impacted the Commercial aircraft aviation fuel market. Jet-A fuels are undergoing advancements to enhance fuel efficiency, reduce carbon emissions, and comply with stringent environmental regulations. These innovations focus on improving the energy density of fuels, exploring alternative and renewable sources, and optimizing combustion processes. The rise in demand for cleaner and more sustainable aviation fuels, coupled with a global emphasis on reducing the environmental impact of air travel, is compelling the industry to invest in research and development, thereby fostering the evolution of Jet-A fuels for a more eco-friendly aviation future.

For instance, in June 2021, researchers at Washington State University developed a process for turning waste plastics into sustainable jet-A fuel. If the process is refined and applied on a large scale, the procedure is expected to address major environmental problems, including greenhouse gas emissions and plastic pollution.

Source-news.wsu.edu/press-release/2021/05/17/new-technology-converts-waste-plastics-jet-fuel-hour/

Market Dynamics of the Commercial Aircraft Aviation Fuel Market

Fluctuation in Oil Prices to Restrict Market Growth

The fluctuation in oil prices hinders the growth of the market. The industry is highly sensitive to changes in crude oil prices, affecting the overall operational costs for airlines. Frequent spikes in oil prices can lead to increased expenses for fuel, impacting profit margins and necessitating adjustments in ticket prices. Conversely, a decline in oil prices may provide temporary relief but can disrupt long-term planning and investments in fuel-efficient technologies. The unpredictable nature of oil price fluctuations introduces financial uncertainties, making it challenging for airlines to budget effectively and potentially hindering the adoption of sustainable aviation fuel alternatives.

Impact of COVID–19 on the Commercial Aircraft Aviation Fuel market

The COVID-19 pandemic significantly affected the Commercial Aircraft Aviation Fuel market. The unprecedented decline in air travel demand led to reduced flight operations, impacting the aviation fuel sector. Airlines faced financial challenges, resulting in fleet groundings and delayed deliveries of new aircraft. It led to a surplus of aviation fuel, causing a price drop. Governments implemented travel restrictions and lockdowns, further exacerbating the industry's woes. As the world strives for recovery, the aviation fuel market is gradually rebounding, but uncertainties ...