On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Crude Oil fell to 67.30 USD/Bbl on July 18, 2025, down 0.36% from the previous day. Over the past month, Crude Oil's price has fallen 8.86%, and is down 14.42% 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 July 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.

Brent fell to 69.21 USD/Bbl on July 18, 2025, down 0.45% from the previous day. Over the past month, Brent's price has fallen 9.77%, and is down 16.24% 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 July of 2025.

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.

Urals Oil rose to 65.43 USD/Bbl on July 17, 2025, up 1.92% from the previous day. Over the past month, Urals Oil's price has fallen 8.41%, and is down 18.60% 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.

In June 2025, the average price of one barrel of Brent crude oil was 71.44 U.S. dollars. This was around seven U.S. dollars more than prices the previous month, which were the lowest value in the past 24-month period. 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.

Palm Oil rose to 4,316 MYR/T on July 18, 2025, up 2.47% from the previous day. Over the past month, Palm Oil's price has risen 5.22%, and is up 8.99% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on July of 2025.

In 2024, Russia produced approximately **** million barrels of oil daily, down from **** million barrels recorded in the previous year. The volume of crude oil, shale oil, oil sands, and natural gas liquids supplied by Russia continuously increased until 2019, making it the world’s third-largest oil producer. Over the next three decades, Russia was forecast to decrease its oil production under both the current trajectory and net-zero scenarios. Russia’s oil dependency The Russian oil industry is the major contributor to the country’s exports, which makes the country vulnerable to decreasing oil prices. Under the conservative scenario, the fuel and energy complex was forecast to decrease its share in the country’s gross domestic product from ** percent to ** percent between 2020 and 2040. OPEC deal – a reduction in Russian oil output? In 2016, Russia and the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement, according to which Russia cut its oil production to facilitate the increase in crude oil prices. In compliance with the deal from December 2019, in the first quarter of 2020, Russia’s reduction quota reached 300 thousand barrels daily. In March 2020, the OPEC+ deal collapsed, as Russia refused to cut its oil output due to the coronavirus (COVID-19) pandemic. Starting from May 1, 2020, a new OPEC+ deal began, setting oil production cuts at 9.7 million barrels daily.

China Transaction Price: Diesel Oil, Number 0: Xiamen data was reported at 6,362.500 RMB/Ton in Jun 2019. This records a decrease from the previous number of 7,850.000 RMB/Ton for May 2019. China Transaction Price: Diesel Oil, Number 0: Xiamen data is updated monthly, averaging 5,484.730 RMB/Ton from Dec 1995 (Median) to Jun 2019, with 275 observations. The data reached an all-time high of 9,115.330 RMB/Ton in May 2012 and a record low of 1,950.000 RMB/Ton in Mar 1998. China Transaction Price: Diesel Oil, Number 0: Xiamen data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PH: Diesel Price: 36 City.

China Transaction Price: Diesel Oil, Number 0: Harbin data was reported at 6,675.000 RMB/Ton in Jun 2019. This records a decrease from the previous number of 7,710.000 RMB/Ton for May 2019. China Transaction Price: Diesel Oil, Number 0: Harbin data is updated monthly, averaging 5,752.500 RMB/Ton from Jul 1996 (Median) to Jun 2019, with 250 observations. The data reached an all-time high of 9,010.000 RMB/Ton in May 2012 and a record low of 2,200.000 RMB/Ton in May 1998. China Transaction Price: Diesel Oil, Number 0: Harbin data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PH: Diesel Price: 36 City.

In 2024, the New Zealand crude cotton-seed oil market increased by 0% to less than $0.1, rising for the ninth consecutive year after two years of decline. In general, consumption recorded a pronounced setback. As a result, consumption attained the peak level of $166K. From 2014 to 2024, the growth of the market failed to regain momentum.

For the third consecutive year, the Tunisian crude cotton-seed oil market recorded growth in sales value, which increased by 0% to less than $0.1 in 2024. Overall, consumption showed a dramatic setback. The growth pace was the most rapid in 2021 with a decrease of 99.9% against the previous year. Over the period under review, the market reached the peak level at $884 in 2016; however, from 2017 to 2024, consumption failed to regain momentum.

On April 20, 2010, the BP Deepwater Horizon (DWH) offshore oil platform experienced an explosion that triggered the largest marine oil spill in US history, resulting in the release of ~795 million liters of southern LA light sweet crude oil into the Gulf of Mexico. Approximately 7.9 million liters of dispersant, Corexit EC9500A, was used during the spill for remediation. We examined the effect of DWH crude oil and Corexit EC9500A, the dispersant used during the spill, on coastal Louisiana marsh soil microbial populations and processes. Surface soil samples were collected from an unimpacted salt marsh site proximal to areas that suffered light to heavy oiling in Barataria Bay, LA. The 1:10 ratio of crude oil:wet soil fully coated the soil surface, mimicking a heavy oiling scenario. Potential denitrification rates at the 1:10 oil:wet soil ratio, for weathered south LA light sweet crude oil, were 46 ± 18.4% of the control immediately after exposure and 62 ± 8.0% of the control following a two week incubation period. Denitrification rates of soil exposed to fresh crude oil were 51 .5 ± 5.3% of the control after immediate exposure and significantly lower at 10.9 ± 1.1 % after a 2 week exposure period. Microbial biomass nitrogen(N) values were below detection for the 1:10, 1:100 and 1:1,000 Corexit:wet soil treatments. Potentially mineralizable N correlated with microbial biomass with decreased activity for 1:10 and 1:100 Corexit:wet soil treatments. Potential denitrification rates after immediate exposure to Corexit:wet soil ratios of 0:10, 1:10, 1:100, 1:1,000, and 1:10,000 were below detection for the 1:10 treatment while the 1:100 was 7.6 ± 2.7% of the control and the 1:1,000 was 33 ± 4.3% of the control. The 1:10,000 treatment was not significantly different from the control. Denitrification rates measured after 2 weeks exposure showed the 1:10 treatment still below detection limit and the 1:100 was 12 ± 2.6% of the control. Results suggest that while both crude oil and Corexit impact denitrification, which is an important microbial process for water quality, Corexit is more detrimental at identical concentrations.

The Petroleum Product Wholesaling industry is dominated by a handful of vertically integrated fuel wholesalers, including Z Energy, BP New Zealand, ExxonMobil New Zealand and Gull Petroleum. These companies operate extensive networks of branded service stations and have the capacity for nationwide distribution. The industry underwent significant restructuring in 2022, with Australia-based Ampol Limited acquiring Z Energy and divesting its ownership of Gull Petroleum as part of the deal. The pricing practices of wholesalers have also come under severe scrutiny from the Central Government (Te Kāwanatanga o Aotearoa). The passing of the Fuel Industry Act 2020 increases the regulation by the Commerce Commission to provide retailers and industrial users with access to more competitive wholesale prices. Industry profitability has narrowed with the fluctuations in input prices and greater government regulation. Revenue volatility has come from the dramatic rise and fall of global oil prices and fluctuations in sales to fuel retailers. The early stages of the pandemic and the slump in international air travel sent global oil prices plummeting and severely constrained fuel consumption in New Zealand. Oil prices escalated with the winding back of restrictions and the supply constraints resulting from the Russia-Ukraine and Middle East conflicts, putting further upward pressure on prices. Industry revenue is expected to inch up at an annualised 0.1%, reaching $10.7 billion over the five years through 2024-25. Still, revenue is forecast to dip 0.4% with the easing of crude oil prices. In the future, the industry's performance will be constrained by the decline in the world price of crude oil, the downward pressure on local wholesale prices resulting from the Terminal Gate Prices (TGP) mechanism and greater scrutiny by the Commerce Commission. While growing motor vehicle numbers will drive petroleum product sales, the fuel consumption per vehicle will diminish with improved fuel efficiency and the uptake of electric vehicles. Industry revenue is forecast to rise at an annualised 0.9% through 2029-30, to $11.2 billion.

China Transaction Price: Diesel Oil, Number 0: Fuzhou data was reported at 6,538.750 RMB/Ton in Jun 2019. This records a decrease from the previous number of 7,772.000 RMB/Ton for May 2019. China Transaction Price: Diesel Oil, Number 0: Fuzhou data is updated monthly, averaging 5,546.835 RMB/Ton from Dec 1995 (Median) to Jun 2019, with 270 observations. The data reached an all-time high of 9,110.330 RMB/Ton in May 2012 and a record low of 2,202.000 RMB/Ton in Nov 1998. China Transaction Price: Diesel Oil, Number 0: Fuzhou data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PH: Diesel Price: 36 City.

In 2024, the Iraqi crude coconut oil market increased by 0% to less than $0.1, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a deep downturn. Crude coconut oil consumption peaked at $170K in 2012; however, from 2013 to 2024, consumption failed to regain momentum.

China Transaction Price: Diesel Oil, Number 0: Kunming data was reported at 7,214.500 RMB/Ton in Jun 2019. This records a decrease from the previous number of 7,846.000 RMB/Ton for May 2019. China Transaction Price: Diesel Oil, Number 0: Kunming data is updated monthly, averaging 5,807.835 RMB/Ton from Dec 1995 (Median) to Jun 2019, with 274 observations. The data reached an all-time high of 9,175.000 RMB/Ton in Apr 2012 and a record low of 2,350.000 RMB/Ton in Sep 1999. China Transaction Price: Diesel Oil, Number 0: Kunming data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PH: Diesel Price: 36 City.

China Transaction Price: Diesel Oil, Number 0: Ningbo data was reported at 6,642.500 RMB/Ton in Jun 2019. This records a decrease from the previous number of 7,790.000 RMB/Ton for May 2019. China Transaction Price: Diesel Oil, Number 0: Ningbo data is updated monthly, averaging 5,620.000 RMB/Ton from Dec 1995 (Median) to Jun 2019, with 275 observations. The data reached an all-time high of 9,140.000 RMB/Ton in May 2012 and a record low of 1,700.000 RMB/Ton in May 1998. China Transaction Price: Diesel Oil, Number 0: Ningbo data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PH: Diesel Price: 36 City.

For the sixth year in a row, the Finnish crude cotton-seed oil market recorded growth in sales value, which increased by 0% to less than $0.1 in 2024. In general, consumption saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value decreased by 99.9%. Over the period under review, the market reached the maximum level at $2.8K in 2017; however, from 2018 to 2024, consumption failed to regain momentum.