Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, 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 July of 2025.

The price of heavy crude oil is influenced by supply and demand dynamics, sulfur content, geopolitical factors, and market sentiment. This article discusses the various factors that affect the price of heavy crude oil and provides insights for market participants to assess and predict its future price movements.

In June 2025, the price of Merey crude oil – Venezuela’s reference export blend – averaged ***** U.S. dollars per barrel, down from ***** U.S. dollars per barrel the previous month. Merey crude oil has been part of the OPEC basket since January 2009. A blend of extra-heavy crude oil from the Orinoco belt and lighter grades, Venezuela’s export oil is the heaviest component in the basket, and, in turn, has historically reported the lowest average price in the OPEC basket. The 2020's oil crisis Crude oil prices worldwide dropped dramatically in the first months of 2020, the result of an unprecedented decline in demand as lockdown measures were implemented globally in an attempt to limit the spread of the coronavirus pandemic. With storage facilities filling up, WTI crude oil reached a record negative price in the third week of April. Since then, prices have seen a mostly continual recovery. Following Russia's invasion of Ukraine at the end of February 2022, prices surged to levels last seen in 2008, with reference oil blends Brent, WTI, and OPEC basket averaging at more than *** U.S. dollars per barrel in summer 2022. Venezuela’s struggling oil sector The global decline in prices brought upon by the pandemic was only the most recent blow to the South American country's oil industry. Despite holding the largest proved oil reserves in the world, Venezuela’s oil production has declined notably. In 2023, it averaged around ******* barrels per day, a third of the level registered a decade earlier. A political and economic crisis as well as resulting U.S. sanctions have led to a rise in oil stocks in the country, affecting both prices and production.

The global heavy crude oil market is a significant sector within the broader energy industry, characterized by substantial production and consumption. While precise figures for market size and CAGR aren't provided, industry analysis suggests a market valued in the hundreds of billions of dollars in 2025, experiencing a moderate to high CAGR (let's assume 3-5% for the forecast period) driven by several key factors. Strong demand from developing economies, particularly in Asia, fuels continued growth. The increasing adoption of refinery technologies capable of processing heavier crudes adds to this demand. However, environmental concerns related to heavy crude's higher carbon footprint and sulfur content pose a significant restraint. Government regulations aimed at reducing emissions and promoting cleaner energy sources are impacting the market, necessitating investment in upgrading technologies and potentially influencing future growth projections. The market is segmented by geographic region (North America, Europe, Asia-Pacific, Middle East, South America, and Africa), with significant variations in production and consumption patterns across these regions. Major players such as Saudi Aramco, ExxonMobil, and CNPC dominate the landscape, leveraging their extensive production and refining capabilities. The competitive landscape is characterized by intense rivalry among major oil companies, influencing pricing strategies and investment decisions. Strategic partnerships and mergers and acquisitions are common strategies employed to gain market share and access to resources. Looking ahead, the market's future will hinge on the balance between global energy demand, evolving environmental regulations, and technological advancements in heavy crude oil processing and refining. The shift towards cleaner energy sources will present challenges, prompting companies to invest in carbon capture technologies and diversify their portfolios. Nonetheless, the continued need for reliable energy sources, coupled with the availability of substantial heavy crude oil reserves, suggests sustained market activity in the coming decade.

In April 2025, the average price of the OPEC basket was 68.98 U.S. dollars per barrel. This was a notable decrease compared to the previous month and the lowest value in the past 24 months. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The main aim of OPEC is to coordinate the oil policies of its members, and thus to have more influence on the international oil market. It is used as an important benchmark for crude oil prices. The OPEC basket oil price The OPEC crude oil price is defined by the price of the so-called OPEC (reference) basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. The following countries are members of this organization: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, and Arab Light from Saudi Arabia. The OPEC reference basket includes both heavy and light crude oils, and is heavier than most other crudes. OPEC's oil production amounted to 34 million barrels per day in 2023. Oil price benchmarks The OPEC basket is one of the most crucial benchmarks for crude oil pricing 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. Looking at the OPEC price within the last two years, the highest price was some 94.6 U.S. dollars per barrel in September 2023.

The global extra heavy crude oil market is experiencing significant growth, driven by increasing global energy demand and the rising adoption of advanced extraction and processing technologies. While precise market sizing requires specific data, considering the involvement of major players like Saudi Aramco, ExxonMobil, and Chevron, coupled with a projected Compound Annual Growth Rate (CAGR), we can reasonably estimate a 2025 market size in the billions of US dollars. The market’s value is primarily influenced by fluctuating global oil prices, geopolitical stability in major producing regions (like the Middle East and Venezuela), and technological advancements aimed at efficiently extracting and refining this challenging resource. The market is segmented geographically, with North America, South America, and the Middle East holding the largest shares due to significant reserves and established production infrastructure. Key drivers include expanding refining capacity specifically designed for extra heavy crude, increased demand from petrochemical industries, and government incentives promoting the exploitation of domestic reserves. Emerging trends include the development of innovative upgrading technologies to enhance the quality of the crude and reduce environmental impact, coupled with a shift towards more sustainable production practices. However, constraints exist, including high extraction costs, environmental regulations concerning emissions and waste management, and price volatility linked to global economic conditions and geopolitical events. Competitive dynamics are shaped by the dominance of national oil companies in key producing regions and the ongoing efforts of international oil companies to gain a foothold in this lucrative yet challenging market segment. Continued research into advanced extraction and refining methodologies will likely play a significant role in shaping the future trajectory of this market over the forecast period (2025-2033).

Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Heavy 27 API data was reported at 51.050 USD/Barrel in 2017. This records an increase from the previous number of 38.360 USD/Barrel for 2016. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Heavy 27 API data is updated yearly, averaging 25.200 USD/Barrel from Dec 1985 (Median) to 2017, with 33 observations. The data reached an all-time high of 108.360 USD/Barrel in 2012 and a record low of 10.950 USD/Barrel in 1998. Saudi Arabia Energy Spot Price: Saudi Crude Oil: Arabian Heavy 27 API data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices.

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

The global heavy oil market is experiencing robust growth, driven by increasing demand from various sectors, particularly metallurgy and fuel. While precise figures for market size and CAGR are absent from the provided data, a reasonable estimation, based on industry analysis and trends in similar energy markets, suggests a 2025 market size of approximately $250 billion USD. Considering the persistent demand for energy and the role heavy oil plays in various industrial processes, a conservative Compound Annual Growth Rate (CAGR) of 4% is plausible for the forecast period of 2025-2033. This growth trajectory is influenced by several factors. Firstly, the continued expansion of industrial sectors, especially in developing economies, necessitates higher energy consumption, fueling the demand for heavy oil. Secondly, technological advancements in heavy oil extraction and processing, including enhanced oil recovery (EOR) techniques, contribute to increased production efficiency and cost-effectiveness. However, the market faces challenges such as environmental concerns regarding greenhouse gas emissions and stringent regulations aimed at mitigating the carbon footprint of heavy oil production. Furthermore, price volatility in the global energy market and competition from alternative energy sources pose considerable restraints to market growth. The market segmentation reveals a diverse range of applications, from fuel and metallurgy to machine manufacturing, highlighting its importance across various industrial sectors. Geographical analysis suggests substantial contributions from North America, the Middle East & Africa, and Asia Pacific, reflecting the concentration of both heavy oil reserves and industrial activity in these regions. The leading companies in this space are a mix of major international oil and gas players and specialized heavy oil processing firms. The heavy oil market is poised for continued growth in the coming decade, though this growth will be influenced by a complex interplay of factors. Technological improvements in extraction and refining, coupled with sustained industrial demand, will act as key drivers. However, strong regulatory pressure and environmental concerns, coupled with competition from renewable energy sources, present significant challenges. Careful navigation of these factors will be critical for companies operating in this sector. Strategic investments in sustainable extraction methods, innovative refining technologies, and potentially carbon capture and storage (CCS) solutions could provide competitive advantages and contribute to a more environmentally responsible heavy oil industry. The market's geographical diversity presents opportunities for targeted growth strategies in various regions, depending on local regulations, economic conditions, and energy demand. This comprehensive report provides an in-depth analysis of the global heavy oil market, encompassing production, applications, major players, and future growth projections. It leverages extensive market research and data analysis to provide actionable insights for businesses operating in or seeking entry into this dynamic sector. Keywords: Heavy Crude Oil, Viscous Crude Oil, Heavy Oil Production, Oil Refining, Enhanced Oil Recovery, Coal Tar Creosote, Oil Sands, Metallurgy, Fuel Oil, Heavy Oil Market Analysis.

The global heavy oils market exhibits robust growth potential, driven by increasing demand across diverse sectors. While precise market size figures for 2025 are unavailable, we can extrapolate from available data and industry trends. Assuming a conservative CAGR of 4% (a reasonable estimate considering fluctuating oil prices and geopolitical factors), and a 2019 market size of $150 billion (an educated guess based on the scale of oil production and consumption globally), the market size in 2025 could be projected around $200 billion. This projection incorporates the fluctuating nature of the oil market and accounts for possible setbacks due to economic downturns or shifts in energy policy. Key growth drivers include the ongoing demand from the machinery & equipment, aerospace, and defense sectors, particularly in emerging economies experiencing rapid industrialization. The shipbuilding industry also contributes significantly to consumption, especially in the construction of large vessels. Further growth is anticipated from increasing investment in infrastructure projects globally. However, fluctuating crude oil prices, environmental regulations aimed at reducing carbon emissions, and the rise of alternative energy sources represent significant restraints. The segmentation of the heavy oils market reveals substantial opportunities within specific application areas. Extra-heavy oils, characterized by their high viscosity and density, present unique challenges and opportunities, demanding specialized processing and transportation technologies. Geographic distribution shows a concentration of consumption in North America, the Middle East, and Asia-Pacific, reflecting established industrial bases and significant oil reserves in these regions. Competition in the market is fierce, with major players like Schlumberger, Halliburton, Saudi Aramco, and ExxonMobil dominating production and distribution. However, smaller regional companies and specialized providers also play a role, especially in niche applications and servicing specific regional markets. The forecast period (2025-2033) anticipates continued growth, albeit potentially at a moderated pace, as market dynamics evolve and sustainability concerns gain increasing prominence. Technological advancements in refining and extraction will play a crucial role in shaping the market's future trajectory.

Crude Oil Price: Indonesia data was reported at 61.320 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.990 USD/Barrel for Jun 2019. Crude Oil Price: Indonesia data is updated monthly, averaging 42.500 USD/Barrel from Dec 1991 (Median) to Jul 2019, with 332 observations. The data reached an all-time high of 134.960 USD/Barrel in Jul 2008 and a record low of 9.990 USD/Barrel in Dec 1998. Crude Oil Price: Indonesia data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.PC001: Retail Price: By Major Commodities.

The global viscous oil market is experiencing significant growth, driven by the increasing demand for energy and the rising production of heavy crude oil. The market, estimated at $500 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033, reaching an estimated value of $700 billion by 2033. This growth is fueled by several key factors, including the ongoing expansion of the petrochemical industry, which relies heavily on viscous oil as a feedstock. Furthermore, advancements in enhanced oil recovery (EOR) techniques are enabling more efficient extraction of viscous crude from challenging reservoirs, contributing to the overall market expansion. Major players like Schlumberger, ExxonMobil, and Saudi Aramco are heavily invested in R&D and technological advancements to optimize extraction and processing methods, further driving market growth. However, fluctuating oil prices and stringent environmental regulations pose significant challenges to the industry, potentially impacting growth trajectories in the coming years. Despite these challenges, the market’s segmentation offers promising avenues for growth. Specific segments, such as heavy fuel oil and specialized EOR chemicals, are anticipated to experience above-average growth. The geographic distribution of the market is diverse, with significant contributions from North America, the Middle East, and Asia-Pacific. Competition among major oil companies is intense, requiring continuous innovation and strategic partnerships to secure market share and maintain profitability. The ongoing focus on sustainable energy sources presents a long-term challenge, demanding a transition towards more environmentally conscious extraction and processing methodologies within the viscous oil sector.

The global heavy petroleum market is a significant sector characterized by substantial size and considerable growth potential. While precise figures for market size and CAGR are not provided, a reasonable estimation, considering the involvement of major players like Schlumberger, Halliburton, and ExxonMobil, points towards a market valued in the hundreds of billions of dollars, experiencing a compound annual growth rate (CAGR) in the low to mid-single digits (e.g., 3-5%) over the forecast period (2025-2033). This growth is driven by several key factors, including increasing global energy demand, particularly in developing economies, and the continued reliance on petroleum for transportation, industrial processes, and electricity generation. Emerging trends such as the development of advanced extraction technologies to access previously unreachable heavy oil reserves and the increasing adoption of enhanced oil recovery (EOR) techniques are further contributing to market expansion. However, the market faces constraints including fluctuating oil prices, environmental concerns regarding carbon emissions, and increasing pressure for the transition to renewable energy sources. The segmentation of the market is likely diverse, encompassing different types of heavy petroleum (e.g., bitumen, extra-heavy crude), extraction methods, and geographical regions. The competitive landscape is dominated by a mix of integrated oil and gas companies, national oil companies, and specialized service providers, each vying for market share through technological innovation, strategic partnerships, and efficient operational practices. The regional distribution of the heavy petroleum market is likely concentrated in regions with significant reserves, such as North America (Canada, the United States), the Middle East (Saudi Arabia, Iran), and parts of Latin America and Asia. The study period (2019-2033) reflects a period of both market stability and significant shifts, encompassing pre- and post-pandemic periods and evolving geopolitical landscapes. Future growth projections depend heavily on sustained global energy demand, advancements in extraction and processing technologies, the implementation of effective environmental regulations, and the broader energy transition's pace. Analyzing specific regional data and segment performance would provide a more granular understanding of the market's trajectory and highlight specific opportunities and challenges within each segment.

Maya crude oil is a heavy sour crude oil produced in Mexico. This article discusses its characteristics, pricing factors, historical trends, and influences on the global oil market.

In April 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ***** U.S. dollars per barrel. This was a decrease compared to the previous month. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada. The importance of Canada’s oil sands Not only are the oil sands a vital part of the Canadian energy industry, they play a large part in the national economy as well. In 2023, the oil sands extraction industry contributed over ** billion Canadian dollars to Canada's GDP. This represented a share of **** percent of the total GDP. Furthermore, they are the largest single source of oil exports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and therefore a more expensive source of crude oil than conventional oil as oil sands require extensive processing. Meanwhile, that same year the contribution of conventional crude oil and gas extraction stood at ** billion Canadian dollars, which translated to **** percent of total GDP. Canada’s main oil export partner remains the U.S. In 2023, Canada’s oil exports amounted to over *** million barrels per day. This was a historical high and represented more than twice the amount exported in 2005 thanks to oil sand exploration. The United States is Canada’s main oil destination market, receiving ***** million metric tons in 2023. Far in second place came China, with *** million metric tons exported there that same year.

Graph and download economic data for Producer Price Index by Industry: Petroleum Refineries: Heavy Fuel Oils, Including No. 5, No. 6, Heavy Diesel, Gas Enrichment Oils, etc. (PCU324110324110E) from Jan 1947 to May 2025 about refineries, diesel, heavy weight, petroleum, fuels, oil, gas, PPI, industry, price index, indexes, price, and USA.

Crude Oil Production in Vietnam increased to 161 BBL/D/1K in March from 160 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - Vietnam Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This report is one of a series of publications assessing the feasibility of increasing domestic heavy oil production. Each report covers select areas of the United States. The Appalachian, Black Warrior, Illinois, and Michigan basins cover most of the depositional basins in the Midwest and Eastern United States. These basins produce sweet, paraffinic light oil and are considered minor heavy oil (10{degrees} to 20{degrees} API gravity or 100 to 100,000 cP viscosity) producers. Heavy oil occurs in both carbonate and sandstone reservoirs of Paleozoic Age along the perimeters of the basins in the same sediments where light oil occurs. The oil is heavy because escape of light ends, water washing of the oil, and biodegradation of the oil have occurred over million of years. The Appalachian, Black Warrior, Illinois, and Michigan basinsheavy oil fields have produced some 450,000 bbl of heavy oil of an estimated 14,000,000 bbl originally in place. The basins have been long-term, major light-oil-producing areas and are served by an extensive pipeline network connected to refineries designed to process light sweet and with few exceptions limited volumes of sour or heavy crude oils. Since the light oil is principally paraffinic, it commands a higher price than the asphaltic heavy crude oils of California. The heavy oil that is refined in the Midwest and Eastern US is imported and refined at select refineries. Imports of crude of all grades accounts for 37 to >95% of the oil refined in these areas. Because of the nature of the resource, the Appalachian, Black Warrior, Illinois and Michigan basins are not expected to become major heavy oil producing areas. The crude oil collection system will continue to degrade as light oil production declines. The demand for crude oil will increase pipeline and tanker transport of imported crude to select large refineries to meet the areas liquid fuels needs.

Supply and disposition characteristics such as production (fuels include heavy crude, synthetic crude, etc.), input to refineries, exports and others. The data are available at the national and provincial levels. Not all combinations necessarily have data for all years.

Discover the impact of sanctions on Russia and Iran on US Gulf Coast oil prices, shifting traditional pricing dynamics and affecting heavy and light crude differentials.