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 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 September 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ******U.S. dollars per barrel. This was a slight 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 2024, the oil sands extraction industry contributed nearly 40 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 2024, 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 2024. Far in second place came China, with *** million metric tons exported there that same year.

In August 2025, the average price of the OPEC basket was 69.73 U.S. dollars per barrel. This was an increase compared to the previous month, which was among the lowest values 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, the 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 32.8 million barrels per day in 2024. 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.

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.

In August 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. Benchmark oil prices Crude oil prices worldwide have been highly volatile over the last five years. In 2020, the global pandemic caused a significant drop in prices. Two years later, the war in Ukraine drove prices to levels not seen since 2008. Since January 2024, oil price levels have seen less volatility and averaged around ** U.S. dollars per barrel. 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 2024, 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.

Discover the latest insights into the global heavy crude oil market. This analysis projects robust growth driven by increasing energy demand and petrochemical needs, despite challenges from price volatility and the renewable energy transition. Learn about key players, regional trends, and future market projections for 2025-2033.

Discover the booming heavy oils market! Explore its projected $200 billion valuation in 2025, 4% CAGR, key segments (heavy oils, extra-heavy oils), applications (machinery, aerospace, shipbuilding), top players, and regional analysis (North America, Europe, Middle East, Asia-Pacific). Get the insights you need to understand this dynamic industry.

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.

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.

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.

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. (DISCONTINUED) (PCU324110324110DY) from Jan 1947 to Dec 2017 about refineries, diesel, heavy weight, petroleum, fuels, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.

Explore the global crude oil trading market: key insights into market size ($4.8T in 2025), drivers, restraints, application segments, and leading companies. Understand growth trends and regional dynamics from 2019-2033.

Discover the latest insights on the booming heavy petroleum market. Explore its $500 billion+ valuation (2025 est.), 3-4% CAGR, key drivers, restraints, regional trends, and leading companies like Saudi Aramco, ExxonMobil, and Schlumberger. Learn how geopolitical factors and environmental regulations impact this vital energy sector.

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.

U.S. imports of Canadian oil—a heavy sour crude—have doubled over the past two decades. Most of this oil is sent to Midwest refineries that specialize in processing heavy sour crude. These refineries have limited flexibility to substitute other types of crude without incurring the cost of switching equipment. As a result, higher prices for Canadian crude, including from tariffs, could lead Midwest consumers to pay higher prices on refined petroleum products such as gasoline, holding other factors constant.

Uruguay Fuel Oil Price: Heavy data was reported at 21.450 UYU/l in Oct 2018. This stayed constant from the previous number of 21.450 UYU/l for Sep 2018. Uruguay Fuel Oil Price: Heavy data is updated monthly, averaging 11.510 UYU/l from Jul 1999 (Median) to Oct 2018, with 232 observations. The data reached an all-time high of 21.450 UYU/l in Oct 2018 and a record low of 1.300 UYU/l in Nov 1999. Uruguay Fuel Oil Price: Heavy data remains active status in CEIC and is reported by National Institute of Statistics. The data is categorized under Global Database’s Uruguay – Table UY.RB003: Energy Statistics: Petroleum.

US oil production costs per barrel vary depending on factors such as location, type of crude oil, technology used, and economies of scale. Onshore drilling costs range from $20 to $50, while offshore costs can range from $50 to $100 or more. Light crude oil is easier to extract and costs $20 to $60, while heavy crude oil costs $30 to $70. Advanced drilling technologies can lower costs to $30 to $60. Economies of scale can further reduce costs. Production cost figures are estimates and can vary due to market