This statistic displays a global forecast on oil prices by quarter in 2015, for UK Brent and West Texas Intermediate (WTI). In the first quarter of 2015, Brent oil prices is predicted to reach ** U.S. dollars per barrel.

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

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 article provides an overview of the oil price in 2015, highlighting factors such as oversupply, declining global demand, and geopolitical events that influenced the market. It discusses the volatility of oil prices throughout the year and showcases the downward trend in the first half followed by a gradual recovery in the second half. The article mentions the average price of Brent crude oil for the year and describes the spikes and troughs in the oil price chart for 2015.

Indonesia DJ ANGGARAN Forecast: Crude Oil Price data was reported at 70.000 USD/Barrel in 2019. This records an increase from the previous number of 48.000 USD/Barrel for 2018. Indonesia DJ ANGGARAN Forecast: Crude Oil Price data is updated yearly, averaging 57.000 USD/Barrel from Dec 1999 (Median) to 2019, with 21 observations. The data reached an all-time high of 105.000 USD/Barrel in 2015 and a record low of 10.500 USD/Barrel in 1999. Indonesia DJ ANGGARAN Forecast: Crude Oil Price data remains active status in CEIC and is reported by Directorate General of Budget. The data is categorized under Global Database’s Indonesia – Table ID.FA001: Government Budget: Forecast: Directorate General of Budget.

United Kingdom BOE Forecast: Gas Prices data was reported at 60.000 0.01 GBP/Therm in 2021. This records a decrease from the previous number of 61.000 0.01 GBP/Therm for 2020. United Kingdom BOE Forecast: Gas Prices data is updated yearly, averaging 56.500 0.01 GBP/Therm from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 71.000 0.01 GBP/Therm in 2018 and a record low of 37.000 0.01 GBP/Therm in 2015. United Kingdom BOE Forecast: Gas Prices data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

In 2024, the Canadian crude oil market decreased by -9.4% to $53.4B, falling for the second consecutive year after two years of growth. Overall, consumption recorded a relatively flat trend pattern. Crude oil consumption peaked at $79.2B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

In 2024, after two years of growth, there was significant decline in the Tanzanian crude oil market, when its value decreased by -28.1% to $2.6M. Overall, consumption continues to indicate a slight shrinkage. Crude oil consumption peaked at $6.9M in 2014; however, from 2015 to 2024, consumption failed to regain momentum.

Finland BOF Forecast: Export Price Index excl Oil: National Currencies: 2015=100 data was reported at 137.100 2015=100 in 2024. This records an increase from the previous number of 136.100 2015=100 for 2023. Finland BOF Forecast: Export Price Index excl Oil: National Currencies: 2015=100 data is updated yearly, averaging 133.200 2015=100 from Dec 2020 (Median) to 2024, with 5 observations. The data reached an all-time high of 137.100 2015=100 in 2024 and a record low of 105.100 2015=100 in 2020. Finland BOF Forecast: Export Price Index excl Oil: National Currencies: 2015=100 data remains active status in CEIC and is reported by Bank of Finland. The data is categorized under Global Database’s Finland – Table FI.I032: Exports Price Index: 2010=100: Forecast: Bank of Finland.

Finland BOF Forecast: Export Price Index excl Oil: Euro: 2015=100 data was reported at 129.300 2015=100 in 2024. This records an increase from the previous number of 128.300 2015=100 for 2023. Finland BOF Forecast: Export Price Index excl Oil: Euro: 2015=100 data is updated yearly, averaging 124.700 2015=100 from Dec 2020 (Median) to 2024, with 5 observations. The data reached an all-time high of 129.300 2015=100 in 2024 and a record low of 96.800 2015=100 in 2020. Finland BOF Forecast: Export Price Index excl Oil: Euro: 2015=100 data remains active status in CEIC and is reported by Bank of Finland. The data is categorized under Global Database’s Finland – Table FI.I032: Exports Price Index: 2010=100: Forecast: Bank of Finland.

The Asia Pacific Crude Oil market reached of around 35.3 million tonnes in 2022 and is expected to expand at a CAGR of 3.52% till the year 2032.

In 2024, the Panamanian crude oil market decreased by -2.1% to $7.7B for the first time since 2015, thus ending a eight-year rising trend. Over the period under review, consumption continues to indicate a resilient increase. Over the period under review, the market attained the peak level at $7.9B in 2023, and then contracted modestly in the following year.

Producers have faced volatile operating conditions over the past five years. The industry's small size on a global scale and concentration in the Taranaki region make it feasible for a small number of firms to hold a significant market share. Fluctuations in crude oil prices and energy demand have significantly shaped producers' performance. Declining industry production volumes and weaker pricing because of pandemic-related travel restrictions weighed heavily on industry revenue in 2020-21. Surging oil and gas prices, driven by a strong recovery in demand and supply disruptions, supported rebounding industry revenue over the two years through 2022-23. As supply conditions normalised, the softened oil prices have squeezed oil producers' revenue expansion. Gas producers are also contending with the offshore exploration bans, mounting regulatory pressures, contracting production volumes and ageing fields, compounding this slump. Overall, industry revenue is expected to have fallen at an annualised 1.8% over the five years through 2025-26, to $2.2 billion. This includes an expected decline of 4.2% in 2025-26 as oil prices abate and production volumes continue to fall. These factors are also expected to hamper operators' profitability. New Zealand's planned transition from fossil fuels towards renewable energy sources has weighed on demand for domestic gas over the past few years. However, periods of low water availability in hydropower systems have supported demand for fossil fuels from energy generators, boosting domestic natural gas prices. As the global energy transition takes shape, the industry's future will hinge on adaptability, policy shifts and gas's role in grid reliability. As New Zealand faces the issue of dwindling gas reserves, the Central Government (Te Kawanatanga o Aotearoa) has introduced a bill that will reverse its ban on offshore gas exploration in September 2024 and has committed to a$200 million contingency fund for new gas projects as part of the 2025 Budget. If the bill is approved, oil and gas producers are set to benefit as production volumes could recover over the coming years. Even so, much of it will depend on producers' willingness to invest in exploration and infrastructure development amid persistent regulatory uncertainty, policy shifts, environmental opposition and a bleak outlook. Crude oil prices are projected to remain weak over the next five years while industry output is forecast to contract. These trends are why revenue is forecast to decline at an annualised 0.9% over the five years through 2030-31, to $2.1 billion.

This statistic displays the gross imports of crude oil into the United States in 2015 and 2016, with projections until 2050. In 2050, gross imports of crude oil into the country is expected to reach 8.5 million barrels per day.

The global Crude Oil market stood around 4395 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 3.12% during the forecast period until 2032.

Thailand BOT Forecast: YoY: Non-fuel Commodity Prices data was reported at -0.300 % in 2018. This records a decrease from the previous number of 7.000 % for 2017. Thailand BOT Forecast: YoY: Non-fuel Commodity Prices data is updated yearly, averaging -1.850 % from Dec 2011 (Median) to 2018, with 8 observations. The data reached an all-time high of 17.700 % in 2011 and a record low of -17.500 % in 2015. Thailand BOT Forecast: YoY: Non-fuel Commodity Prices data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.P016: Crude Oil, Non Fuel, Fresh Food and Metal Price: Forecast: Bank of Thailand.

Petroleum refining companies in the UK produce a wide variety of products. Fuels for transport and heating are the most common, with petroleum products for transport consistently accounting for almost three-quarters of product demand, according to DESNZ. Industry revenue is expected to swell at a compound annual rate of 8.8% over the five years through 2025-26 to £44.8 billion, including a forecast dip of 2.2% in 2025-26, owing to staggering volatility in crude petroleum and fuel prices in recent years.

The COVID-19 pandemic took its toll on the industry. Global border and travel restrictions dented both demand for fuel and fuel prices, weighing on revenue and profitability for refiners. However, this trend was quickly reversed following Russia's invasion of Ukraine in February 2022. This led to the UK and other major economies announcing that they would wean themselves off Russian oil, resulting in a sharp spike in oil prices from 2022 to 2023 and, to a lesser degree, from 2023 to 2024. Strong oil price inflation translated into higher-value sales for refined oil companies, paving the way for a robust recovery. However, with global oil supplies normalising in 2025-26 and demand for diesel and petrol struggling to return to pre-2019 levels, industry revenue is expected to slip in 2025-26. This is largely due to the growing adoption of electric and hybrid vehicles, which is reducing demand from road transport. However, strong growth in the air freight and air passenger industries is supporting demand for jet fuel in 2025-26.

Industry revenue is forecast to climb at a compound annual rate of 0.7% over the five years through 2030-31 to £46.3 billion. Demand for petrol and diesel-fueled vehicles is expected to decline due to government initiatives aimed at reducing emissions, including the expansion of Clean Air Zones and the ban on new petrol and diesel cars by 2030. Demand for pure electric vehicles is likely to continue rising, posing a significant long-term threat to fuel demand.

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.

UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies 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 oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year. 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 was extended until March 2025. At the same time, 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 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 falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years. The UK government has implemented policies to create a more favourable environment for extractors in the North Sea to improve UK energy security. However, the depletion of natural resources, the high cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.

Canadian crude oil production is projected that in 2035, the crude oil production in Western Canada will be some **** million barrels per day, while the crude oil production in Eastern Canada is forecast to be some ** thousand barrels per day.