The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 61.81 U.S. dollars per barrel in 2025, according to a May 2025 forecast. This would be a decrease of roughly 15 U.S. dollar compared to the previous year. In the first months weeks of 2025, weekly crude oil prices largely stayed below 70 U.S. dollars per barrel amid trade tariffs and expected economic downturn. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.

Explore the intricate dynamics influencing crude oil prices, including supply-demand factors, geopolitical tensions, economic indicators, and market sentiment, to understand next week's forecast and prepare for potential volatility.

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

Why did the Crude Oil Price Change in July 2025? Crude oil prices declined by 10.2 on % quarter-on-quarter basis. Prices have declined in April and May; however, in June, crude oil prices rebounded to settle at WTI at USD 68.04/barrel by the last week of June—the highest since January.

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.

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.

The first quarter of 2025 for Crude Oil prices in the North American region experienced a decline followed by an uptrend. In January 2025 oil prices maintained an upward trajectory.

Understand the complexities of crude oil price prediction, influenced by global economics, geopolitical tensions, and supply-demand dynamics. Explore how machine learning and AI models are transforming analysis in this volatile market.

Crude Oil Market Outlook

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

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

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

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

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

Type Analysis

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

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

DoF Forecast: Brent Crude Oil Price data was reported at 68.300 USD/Barrel in 2023. This stayed constant from the previous number of 68.300 USD/Barrel for 2022. DoF Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.400 USD/Barrel from Dec 2010 (Median) to 2023, with 14 observations. The data reached an all-time high of 111.900 USD/Barrel in 2012 and a record low of 44.000 USD/Barrel in 2016. DoF Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Department of Finance. The data is categorized under Global Database’s Ireland – Table IE.P005: Brent Crude Oil Price: Forecast.

In addition to their theoretical analysis of the joint determination of oil futures prices and oil spot prices, Alquist and Kilian (Journal of Applied Econometrics, 2010, 25(4), 539-573) compare the out-of-sample accuracy of the random walk forecast with that of forecasts based on oil futures prices and other predictors. The results of my replication exercise are very similar to the original forecast accuracy results, but the relative accuracy of the random walk forecast and the futures-based forecast changes when the sample is extended to August 2016, consistent with the results of several other recent studies by Kilian and co-authors.

The global crude oil market was estimated at $2,566.8B in 2024, remaining stable against the previous year. Overall, consumption saw a mild contraction. Global consumption peaked at $2,988.9B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

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.

Brent crude oil is projected to have an average annual spot price of 65.85 U.S. dollars per barrel in 2025, according to a forecast from May 2025. This would mean a decrease of nearly 15 U.S. dollars compared to the previous year, and also reflects a reduced forecast WTI crude oil price. Lower economic activity, an increase in OPEC+ production output, and uncertainty over trade tariffs all impacted price forecasting. All about Brent Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the North Sea's Brent oilfield. It is a sweet light crude oil but slightly heavier than West Texas Intermediate. In this context, sweet refers to a low sulfur content and light refers to a relatively low density when compared to other crude oil benchmarks. Price development in the 2020s Oil prices are volatile, impacted by consumer demand and discoveries of new oilfields, new extraction methods such as fracking, and production caps routinely placed by OPEC on its member states. The price for Brent crude oil stood at an average of just 42 U.S. dollars in 2020, when the coronavirus pandemic resulted in a sudden demand drop. Two years later, sanctions on Russian energy imports, had pushed up prices to a new decade-high, above 100 U.S. dollars per barrel.

Crude oil daily forecasts provide valuable insights into the future movement of oil prices. Factors such as supply and demand, geopolitical events, economic indicators, weather conditions, and technical analysis are considered in these forecasts. Various methodologies, including statistical models, fundamental analysis, sentiment analysis, and expert opinions, are used to make predictions. However, it is important to recognize the inherent limitations of forecasting accurate oil prices due to unpredictable

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

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The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.

Market Overview

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Market Competitive Analysis

The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• BP Plc
• Chevron Corp.
• Exxon Mobil Corp.
• JXTG Holdings Inc.
• PJSC LUKOIL
• PT Pertamina(Persero)
• Qatar Petroleum
• Reliance Industries Ltd.
• Royal Dutch Shell Plc
• SK Innovation Co. Ltd.

Fuel Oil Market: Segmentation by Application

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The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.

However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.

Fuel Oil Market: Segmentation by Geography

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Explore the 2023 crude oil price forecast influenced by global economic recovery, geopolitical tensions, and the energy transition. Learn how supply disruptions, demand patterns, and OPEC+ decisions impact oil markets, amid ongoing shifts towards renewable energy and stricter carbon regulations.

The global base oil market was valued at USD 28.92 billion in 2022 and will expand to USD 43.38 billion by 2030, registering a CAGR of 5.2% for the forecast period 2023-2030. Factors Affecting Base Oil Market Growth

Rapid industrialization in developing countries

Rapid industrialization in developing nations like Japan, China, India, Indonesia, Brazil, and others is helping to expand the base oil market growth. China, Indonesia, India, South Africa, and Brazil are all seeing rapid expansion in sectors including industrial machinery, automotive, and energy. Base oil is the essential component of almost all lubricants. Engine oil is mostly base oil with just 7% to 10% additional ingredients moreover only 10%–12% other additives are included in gearbox fluids; the remaining is base oil. The base oil is used to create a variety of industrial lubricants.

The automobile sector is adopting lubricants more often

Base oils are majorly used in the manufacturing of lubricants. The use of lubricants in the automobile industry is enlarged due to lubricants extended equipment life, reduces corrosion, and reduced machine downtime. A base oil is present in all lubricants. It serves as the lubricant's base before it is combined with additives or a thickening in the case of grease. Improving vehicle supply resulted to increase in the demand for base oil. The automobile industry focuses more on vehicle efficiency, resulting in increased demand for lubricants in the automobile industry. Hence, the increasing adoption of lubricants in the automobile sector is fueling the base oil market.

The Restraining Factor of Base Oil:

Volatility in crude oil prices

Fluctuation in the price of crude oil is expected to hinder the base oil market growth. Many kinds of crude oil are used to produce base oils, the most typical is paraffinic crude oil. On the other hand, Naphthenic crude oils produce base oil with superior solubility and excellent qualities at low temperatures. The Organisation of Petroleum Exporting Countries (OPEC), independent Petro-states like Russia, private oil companies like ExxonMobil, and other producers significantly impact crude oil prices. Prices are impacted by supply and demand just as with any other commodity. Crude Oil prices fluctuated due to production expenses as well. While it costs less to extract oil in the Middle East, it costs more to do so in Canada's oil sands. Once the supply of cheap oil is lessened, the price could increase.

Environmental Regulations and Emission Norms

Stringent environmental regulations globally are compelling manufacturers to lower emissions from their production processes and enhance product quality. Governments and environmental agencies are implementing rigorous controls on the sulfur content, volatility, and biodegradability of base oils and lubricants. Adhering to these changing standards raises production costs, particularly for Group I base oils, which are slowly being replaced by more refined Group II and III oils. This regulatory pressure may restrict the growth potential of traditional base oil manufacturers that have not yet modernized their technologies.

Key Trends of Base Oil:

Transition to Group II and Group III Base Oils

There is an increasing transition from Group I to Group II and III base oils, attributed to their enhanced oxidation stability, reduced volatility, and improved performance features. These premium oils are being utilized more frequently in synthetic and semi-synthetic lubricants, especially in high-performance engines and machinery. As Original Equipment Manufacturers (OEMs) seek superior lubricant performance to comply with new emission regulations and fuel efficiency criteria, the global demand for Group II and III base oils is rapidly rising.

Rising Demand for Bio-based and Re-refined Base Oils

The heightened awareness regarding sustainability and environmental effects is driving the demand for bio-based and re-refined base oils. Industries are embracing circular economy principles and are increasingly favoring sustainable alternatives to base oils that lessen reliance on virgin crude oil. The processes for re-refining used oil are becoming more efficient and of higher quality, rendering re-refined base oils a practical and economical choice for both manufacturers and consumers.

Impact of the COVID-19 Pandemic on the Base Oil Market:

The automobile sect...

United Kingdom BOE Forecast: Gas Prices data was reported at 60.000 0.01 GBP/Therm in 2021. This records a decrease from the previous number of 61.000 0.01 GBP/Therm for 2020. United Kingdom BOE Forecast: Gas Prices data is updated yearly, averaging 56.500 0.01 GBP/Therm from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 71.000 0.01 GBP/Therm in 2018 and a record low of 37.000 0.01 GBP/Therm in 2015. United Kingdom BOE Forecast: Gas Prices 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.