On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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.

Heating Oil rose to 2.35 USD/Gal on December 2, 2025, up 0.21% from the previous day. Over the past month, Heating Oil's price has fallen 2.25%, but it is still 6.31% higher than a year ago, 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 December of 2025.

United States EIA Forecast: Crude Oil Price: Brent Spot Average data was reported at 71.000 USD/Barrel in Dec 2019. This stayed constant from the previous number of 71.000 USD/Barrel for Nov 2019. United States EIA Forecast: Crude Oil Price: Brent Spot Average data is updated monthly, averaging 62.750 USD/Barrel from Mar 2016 (Median) to Dec 2019, with 46 observations. The data reached an all-time high of 83.000 USD/Barrel in Oct 2018 and a record low of 34.000 USD/Barrel in Mar 2016. United States EIA Forecast: Crude Oil Price: Brent Spot Average data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P003: Energy Price: Forecast: Energy Information Administration.

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 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. 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.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine 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.

Urals Oil fell to 54.22 USD/Bbl on December 1, 2025, down 0.37% from the previous day. Over the past month, Urals Oil's price has fallen 7.52%, and is down 17.95% 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.

Thailand BOT Forecast: Dubai Crude Oil Price data was reported at 66.000 USD/Barrel in 2020. This stayed constant from the previous number of 66.000 USD/Barrel for 2019. Thailand BOT Forecast: Dubai Crude Oil Price data is updated yearly, averaging 66.000 USD/Barrel from Dec 2011 (Median) to 2020, with 10 observations. The data reached an all-time high of 109.300 USD/Barrel in 2012 and a record low of 36.600 USD/Barrel in 2018. Thailand BOT Forecast: Dubai Crude Oil Price data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.P016: Crude Oil, Non Fuel, Fresh Food and Metal Price: Forecast: Bank of Thailand.

In August 2025, the average price of one barrel of Brent crude oil was 67.87 U.S. dollars. This was a decrease from the previous month and 12 U.S. dollars below July 2024 prices. 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.

The Philippine crude oil market surged to $4.8B in 2024, rising by 178% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a mild reduction. Over the period under review, the market attained the maximum level at $5.8B in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

Gasoline fell to 1.86 USD/Gal on December 2, 2025, down 0.53% from the previous day. Over the past month, Gasoline's price has fallen 2.79%, and is down 4.95% 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 December of 2025.

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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 per

Sunflower Oil rose to 1,426.40 INR/10 kg on December 2, 2025, up 0.68% from the previous day. Over the past month, Sunflower Oil's price has risen 0.79%, and is up 8.44% 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.

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.

Crude Oil Production in Indonesia increased to 597 BBL/D/1K in July from 585 BBL/D/1K in June of 2025. This dataset provides the latest reported value for - Indonesia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

After four years of growth, the Ethiopian crude oil market decreased by -11.4% to $88K in 2024. Overall, consumption, however, posted resilient growth. As a result, consumption attained the peak level of $163K. From 2018 to 2024, the growth of the market remained at a lower figure.

United States EIA Forecast: Crude Oil Price: U.S. Refiner Average Acquisition Cost data was reported at 66.000 USD/Barrel in Dec 2019. This stayed constant from the previous number of 66.000 USD/Barrel for Nov 2019. United States EIA Forecast: Crude Oil Price: U.S. Refiner Average Acquisition Cost data is updated monthly, averaging 57.250 USD/Barrel from Mar 2016 (Median) to Dec 2019, with 46 observations. The data reached an all-time high of 73.000 USD/Barrel in Oct 2018 and a record low of 31.000 USD/Barrel in Mar 2016. United States EIA Forecast: Crude Oil Price: U.S. Refiner Average Acquisition Cost data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P003: Energy Price: Forecast: Energy Information Administration.

Crude Oil Production in the United States increased to 13844 BBL/D/1K in September from 13800 BBL/D/1K in August of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

UK Gas fell to 72.60 GBp/thm on December 2, 2025, down 1.67% from the previous day. Over the past month, UK Gas's price has fallen 11.75%, and is down 40.33% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas - values, historical data, forecasts and news - updated on December of 2025.

Indonesia DJ ANGGARAN Forecast: Crude Oil Price data was reported at 70.000 USD/Barrel in 2019. This records an increase from the previous number of 48.000 USD/Barrel for 2018. Indonesia DJ ANGGARAN Forecast: Crude Oil Price data is updated yearly, averaging 57.000 USD/Barrel from Dec 1999 (Median) to 2019, with 21 observations. The data reached an all-time high of 105.000 USD/Barrel in 2015 and a record low of 10.500 USD/Barrel in 1999. Indonesia DJ ANGGARAN Forecast: Crude Oil Price data remains active status in CEIC and is reported by Directorate General of Budget. The data is categorized under Global Database’s Indonesia – Table ID.FA001: Government Budget: Forecast: Directorate General of Budget.