Crude Oil fell to 59.17 USD/Bbl on December 2, 2025, down 0.25% from the previous day. Over the past month, Crude Oil's price has fallen 3.08%, and is down 15.40% compared to the same time last year, 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 December of 2025.

The global crude oil market size reached approximately 100.50 MB/d in 2024. The market is projected to grow at a CAGR of 0.90% between 2025 and 2034, reaching around 109.92 MB/d by 2034.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

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.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and production operations

The global oil prices graph provides a visual representation of crude oil prices over time and is crucial for understanding market dynamics and tracking price fluctuations. This article explains key terms such as Brent Crude and WTI Crude, as well as the influence of supply and demand, geopolitical events, economic fluctuations, and weather conditions on oil prices. Analysts, investors, governments, and oil companies rely on this graph to identify trends, patterns, and major market events for decision-makin

Global oil and gas production companies have gone through significant turbulence for most of the period. Revenue started off in a downturn amid the pandemic and its accompanying lockdowns, primarily the industry's largest market, the transportation sector, was limited. This was quickly reversed as the economy opened and supply outpaced demand, causing prices to skyrocket. High prices, accompanied by swelling production, led to surging revenue. This was further amplified by Russia's invasion of Ukraine, which forced many countries to put sanctions on Russia. With countries scrambling to find new suppliers, prices continued to shoot up in 2022. Nonetheless, prices eventually cooled back down later in the period, but still remained well above pre-pandemic levels. Overall revenue has pushed up at a CAGR of 11.7% to $4.0 trillion through the end of 2025, including a slight 7.3% dip in 2025 alone. Profit also surged as purchase costs came down. Emerging markets in BRIC nations, Southeast Asia and Africa continue to drive growth because of rapid industrialization and population increases, heightening the need for crude oil, natural gas and related downstream products. Even so, the gradual shift toward renewable energy poses challenges for producers, as many countries have implemented regulations and incentives to promote clean energy use. Geopolitical tensions and the uncertainties stemming from the global pandemic underscore the importance of diversifying supply sources to ensure energy security. Overall, industry revenue is set to push down at a CAGR of 2.5% to $3.6 trillion through the end of 2030. The bulk of this period will be highlighted by more efforts in oil and gas exploration and production in emerging markets, potentially transforming these regions into major global producers. Established countries will take this time to upgrade their technology and infrastructure to make production more efficient to keep profitability steady. Even so, the excess supply of oil and gas, combined with the push for sustainability, will drive prices down, leading to revenue contractions.

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.

Brent fell to 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% 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 December of 2025.

OECD Global Crude Oil Imports Prices

Regional and Temporal Trends

By OECD [source]

About this dataset

This dataset contains global crude oil import prices from the OECD. It provides important insight into international trading of oil and its related products, enabling users to analyse market trends and compare prices across different countries. This data is essential for understanding the development of different economies, as well as their dependence on crude oil imports. Through analysis of this dataset, users can understand the role that regional and global factors play in impacting global crude oil import prices over time. The dataset includes columns tracking country/region of origin (LOCATION), indicator measured (INDICATOR), subject tracked (SUBJECT), measure taken (MEASURE), frequency interval (FREQUENCY), time period covered (TIME) as well as numerical value and flag codes associated with the data captured in each row. This invaluable source is perfect for researchers looking to take a deep dive into international markets over time or academics studying the complexities surrounding trade in the energy sector!

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How to use the dataset

This dataset is a great resource for anyone looking to analyze the current and historical prices of crude oil imports from the OECD. The data contains prices from member countries of the OECD and is updated regularly. This dataset can be used to study long term trends in price as well as explore differences between countries with different levels of crude oil import demand.

• In order to make use of this dataset, it’s important to familiarize yourself with the column names and descriptions. The first column is LOCATION which indicates which country or region the data applies to. INDICATOR indicates what information is being displayed (e.g., import market share, import value, etc.). SUBJECT describes what category that metric falls into (e.g., fuel energy). MEASURE tells you whether an amount is expressed in a unit or currency while FREQUENCY says how often data has been collected: monthly, quarterly or annually (average monthly/quarterly/annual etc..). TIME displays measure period start date in year-month format and Value denotes numerical value for each row's measurement respectively while flag codes indicate if any values are estimates or outlier measurements that should be examined further before using them

• Using this understanding, one could filter their search by creating filters on these columns accordingly depending on their research topic such as – pulling all records for China for Q4 2019 - then apply sorting on “VALUE” column based on imported measurements have become cheaper during given time frame etc.. Additionally formulas like SUMIFS() can also be used across multiple columns available within this agreement document at same time such as – total Imports Value from India & Japan combined during May 2019 till October 2020 – based upon bringing together Matching condition criteria met across few columns where needed at same time . As such this dataset provides flexible solutions which potentially allow us to explore patterns related either just single country's current trends -or- cross references since global side-by-side evaluation possible here featuring more than just one nation alone too ...........

Research Ideas

• Analyzing the impact of changes in crude oil prices on global economic growth.
• Examining the evolving dynamics of crude oil trade flows between different countries and regions.
• Tracking trends in crude oil import prices across different industries to identify potential opportunities for cost savings and efficiency gains

Acknowledgements

If you use this dataset in your research, please credit the original authors. Data Source

License

License: Dataset copyright by authors - You are free to: - Share - copy and redistribute the material in any medium or format for any purpose, even commercially. - Adapt - remix, transform, and build upon the material for any purpose, even commercially. - You must: - Give appropriate credit - Provide a link to the license, and indicate if changes were made. - ShareAlike - You must distribute your contributions under the same license as the original. - Keep intact - all notices that refer to this license, including copyright notices.

Columns

File: crude_oil_import_prices.csv | Column name | Description ...

The global oil & gas analytics market size surpassed $21.00 bn in 2024 is to reach $103.68 bn in 2034, increasing at a CAGR of 17.4% between 2024 and 2034.

Global oil production amounted to ************ barrels per day in 2024. The level of oil production reached an all-time high in 2024. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in 2020. Rising production and consumption Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. Production by region and country While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.

The global corn oil market size was valued at USD 6.5 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 11.47 Billion by 2033, exhibiting a CAGR of 6.5% during 2025-2033. North America currently dominates the market, holding a significant market share of over 55.7% in 2024. The corn oil market share is experiencing robust growth, driven by the escalating health consciousness among consumers, rising product demand in the biofuel sector, growing impact of urbanization and economic development, continuous technological advancements in extraction and processing techniques, and burgeoning innovations in the food industry.

IMARC Group provides an analysis of the key trends in each segment of the global corn oil market, along with forecasts at the global and regional levels from 2025-2033. The market has been categorized based on product type, application, and distribution channel.

Global Crude Oil Market is projected to reach USD 929.8 Billion by 2034, with a 2.1% CAGR from 2025 to 2034.

Global Oil and Gas market size 2021 was recorded $6247.95 Billion whereas by the end of 2025 it will reach $7554 Billion. According to the author, by 2033 Oil and Gas market size will become $11042.2. Oil and Gas market will be growing at a CAGR of 4.86% during 2025 to 2033.

The Oil and Gas CAPEX Market Report is Segmented by Sector (Upstream, Midstream, and Downstream), Location (Onshore and Offshore), Service (Construction, Maintenance and Turn-Around, and Decommissioning), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

Market Size statistics on the Global Oil & Gas Exploration & Production industry in Global

Global oil production by month varies depending on several factors, including demand, geopolitical events, and changes in oil prices. This article highlights the importance of monitoring global oil production and provides insights into recent trends and fluctuations. It emphasizes the role of the International Energy Agency (IEA) in tracking and reporting production levels. The article also mentions specific data for January, February, March, April, and May 2021, showcasing the increase and decrease in glob

The global crude oil market, valued at $2875.7 million in 2025, is projected for steady growth at a 2.3% CAGR until 2033. This analysis examines market drivers, trends, and restraints, highlighting key players and regional market shares. Discover insights into the future of crude oil.

Scope: Brent crude and refined products narrative intelligence, events, forecasting, and fundamental indices. Sources: ~50,000+ news/articles & market events/day (deduped), structured in milliseconds. Update cadence: Real-time; weekly roll-ups; 6-month forecasts on refresh. Use cases: Signal discovery, event monitoring, price commentary, scenario analysis, model calibration, risk. Entities & grain MarketCommentary — 1 per asset/period; narrative paragraph(s). WeeklyRoundup — 1 per week per asset; week-level narrative. Event — real-time; one row per detected story/event instance. Forecast — point-in-time forecast set (current price, expected, range, path). FundamentalIndex — time series at hourly cadence (or higher) across indexed factors. Key fields & semantics Timestamps are ISO-8601 UTC. Prices in USD by default (field includes currency). Sentiment: {Positive, Negative, Neutral}. Scope: {ASSET, MACRO, SECTOR} (extensible). Importance: integer scale (1–5 recommended).