As of June 2025, the average annual price of Brent crude oil stood at 71.91 U.S. dollars per barrel. This is over eight 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.

Brent fell to 69.48 USD/Bbl on August 1, 2025, down 3.10% from the previous day. Over the past month, Brent's price has risen 0.54%, but it is still 9.54% lower than a year ago, 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 August of 2025.

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.

About the Project

KAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.

Key Points

In the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded.

Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia.

North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant.

For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts.

Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

Graph and download economic data for Producer Price Index by Industry: Crude Petroleum and Natural Gas Extraction (PCU211111211111) from Jun 2002 to Jan 2025 about extraction, petroleum, crude, gas, PPI, industry, inflation, price index, indexes, price, and USA.

This dataset provides the benchmark crude oil prices for the imported natural gas cost of CPC Corporation, Taiwan, allowing the public to understand the trend of oil price changes.

Understanding the factors that influence natural gas and crude oil prices is crucial for energy sector companies, investors, and governments. This article explores the various factors, including supply and demand dynamics, geopolitical events, weather patterns, and global economic conditions, that impact the prices of these important energy sources. It also highlights the role of commodity markets in trading natural gas and crude oil futures contracts. By understanding these factors and monitoring market tr

In 2023, the producer price index of crude oil and natural gas in Vietnam amounted to approximately 121.13 index points. In that year, the country's producer price index for the mining and quarrying industry was estimated at 210.42 points.

Natural gas rose to 3.09 USD/MMBtu on August 1, 2025, up 0.10% from the previous day. Over the past month, Natural gas's price has fallen 11.31%, but it is still 57.26% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on August of 2025.

Correlation defined as linear relationship between two variables. Correlation coefficient (r) is used to measure correlation between two variables and its range varies between -1 to +1. There are two types of correlation namely positive and negative. r=+1 represents perfect positive correlation whereas r=-1 represents perfect negative correlation. Positive correlation tells both indicators are moving in same direction for e.g. If prices of crude oil and Natural gas are positively correlated and there is an increase in price of crude oil then price of Natural gas will also increase. On the other hand negative correlation between the same indicators, if there is increase in price of one will decrease the price of others.

Essential Oils Price in the United States - 2023. Find the latest marketing data on the IndexBox platform.

Crude Oil Price: Average International FOB: Indian Basket: INR data was reported at 4,249.140 INR/Barrel in 05 Dec 2018. This records a decrease from the previous number of 4,324.140 INR/Barrel for 04 Dec 2018. Crude Oil Price: Average International FOB: Indian Basket: INR data is updated daily, averaging 4,308.560 INR/Barrel from Jan 2012 (Median) to 05 Dec 2018, with 1683 observations. The data reached an all-time high of 7,752.020 INR/Barrel in 28 Aug 2013 and a record low of 1,633.490 INR/Barrel in 20 Jan 2016. Crude Oil Price: Average International FOB: Indian Basket: INR data remains active status in CEIC and is reported by Ministry of Petroleum and Natural Gas. The data is categorized under India Premium Database’s Energy Sector – Table IN.RBJ001: Crude Oil Price: Average International FOB.

Norway GDP: Price Index: swda: Exports: Crude Oil and Natural Gas data was reported at 130.600 2010=100 in Jun 2013. This records an increase from the previous number of 129.000 2010=100 for Mar 2013. Norway GDP: Price Index: swda: Exports: Crude Oil and Natural Gas data is updated quarterly, averaging 43.650 2010=100 from Mar 1978 (Median) to Jun 2013, with 142 observations. The data reached an all-time high of 140.800 2010=100 in Mar 2012 and a record low of 15.700 2010=100 in Dec 1978. Norway GDP: Price Index: swda: Exports: Crude Oil and Natural Gas data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A086: ESA 1995: GDP: by Expenditure: Price Index: 2010=100: Seasonally and Working Day Adjusted.

Orange Essential Oil Market Outlook

The orange essential oil market is set to experience substantial growth, with its global market size projected to climb from USD 1.2 billion in 2023 to approximately USD 2.1 billion by 2032, representing a compound annual growth rate (CAGR) of 6.2%. The primary growth factor driving this market is the increasing consumer preference for natural and organic products over synthetic alternatives. This trend is fueled by the rising awareness of the potential health benefits associated with natural essential oils, coupled with growing applications across various industries, ranging from personal care to pharmaceuticals.

One of the significant growth factors in this market is the expanding use of essential oils in the aromatherapy sector. With a burgeoning interest in wellness and holistic health, consumers are increasingly turning to aromatherapy as a method of stress relief, emotional health improvement, and overall well-being enhancement. Orange essential oil, known for its uplifting and calming properties, is a popular choice in this domain. As more consumers seek alternative and complementary therapies to conventional medicine, the demand for orange essential oil in aromatherapy is projected to rise, providing significant momentum to market growth during the forecast period.

Another pivotal factor propelling the market is the growing incorporation of orange essential oil in the personal care and cosmetics industry. ConsumersÂ’ inclination towards clean and green beauty products has encouraged manufacturers to include natural ingredients in their formulations. Orange essential oil, with its antioxidant and antibacterial properties, is increasingly used in skincare and haircare products. It is particularly favored for its ability to improve skin texture and reduce signs of aging, making it a coveted ingredient among beauty brands aiming to cater to the eco-conscious consumer base.

Moreover, the food and beverage sector is contributing significantly to the growth of the orange essential oil market. The natural and zesty flavor of orange oil is utilized in a variety of culinary applications, from enhancing the taste of baked goods to providing an aromatic essence in confectioneries and beverages. The increasing trend of adding flavor and health benefits to food products is further driving the demand for orange essential oils. This is complemented by the growing interest in organic and naturally flavored products, thus creating a robust market for orange essential oil in the food and beverage industry.

In addition to the popular orange essential oil, Petitgrain Essential Oil is gaining recognition for its unique properties and applications. Derived from the leaves and twigs of the bitter orange tree, Petitgrain Essential Oil is known for its fresh, floral, and slightly woody aroma, making it a versatile ingredient in both aromatherapy and perfumery. Its calming and relaxing effects are particularly valued in stress relief and emotional balance practices, complementing the uplifting qualities of orange essential oil. As consumers continue to explore diverse essential oils for holistic health benefits, Petitgrain Essential Oil is poised to become a sought-after addition to wellness routines, further enriching the essential oil market landscape.

In terms of regional outlook, the Asia Pacific region is expected to dominate the orange essential oil market over the forecast period, driven by its vast population base and increasing disposable income levels. The rising awareness of natural and wellness products among consumers in countries like China and India is boosting the demand for essential oils. North America and Europe are also significant markets, benefiting from a well-established aromatherapy industry and a strong demand for organic personal care products. Meanwhile, Latin America and the Middle East & Africa, though smaller in market size, are expected to register notable growth rates due to the increasing penetration of essential oils in various sectors.

Product Type Analysis

The orange essential oil market is segmented by product type into sweet orange oil and bitter orange oil, each possessing unique properties and uses. Sweet orange oil is derived from the rind of the Citrus sinensis fruit and is the more widely used of the two types, primarily due to its sweet, tangy aroma and versatile applications. It is a staple in aromatherapy for its mood-enhancing effects and is used extensively in ski

Russia Average World Price: Natural Gas data was reported at 258.800 USD/1000 Cub m in May 2018. This records a decrease from the previous number of 281.200 USD/1000 Cub m for Apr 2018. Russia Average World Price: Natural Gas data is updated monthly, averaging 302.400 USD/1000 Cub m from Sep 2004 (Median) to May 2018, with 165 observations. The data reached an all-time high of 576.700 USD/1000 Cub m in Jan 2009 and a record low of 137.100 USD/1000 Cub m in Sep 2004. Russia Average World Price: Natural Gas data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

The file contains data as well as R files necessary to replicate the results from baseline model from the paper "Have European natural gas prices decoupled from crude oil prices? Evidence from TVP-VAR analysis" written by Karol Szafranek & Michał Rubaszek and published in Studies in Nonlinear Dynamics and EconometricsPlease consult the SNDE_readme.txt file included in the archive.

Prices for 4 basic commodities for industry: Brent crude oil, natural gas, aluminum, and DJUSST (Iron & Steel); monthly data from Jan. 2010, a weighted sum of daily data from Yahoo Finance.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

Commodity Prices: Corn, soybeans, WTI crude oil and Henry Hub natural gas, Chicago Mercantile Exchange Group .

The oil and natural gas price index is calculated using price data from both resources, weighted according to their share of energy consumption in the United States. The year 1982 is used as the base year for this index. Data sources include the International Monetary Fund and the Energy Information Administration.