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.

Between 2002 and 2024, prices of OPEC Reference Basket oils fluctuated dramatically. For example, Saharan Blend from Algeria stood at some ** U.S. dollars per barrel in 2002. Ten years later, this figure had increased to more than *** U.S. dollars. In 2024, it stood at ***** U.S. dollars. Oil prices: a rollercoaster ride Oil prices are inherently volatile due to the speculative nature of their price determination. Thus, sudden economic and geopolitical events may have big influences on pricing. For example, some of the major factors behind price fluctuation since the 2000s have been the global financial crisis in 2008, the 2020 coronavirus pandemic, and the energy supply crisis and subsequent Russia-Ukraine war in 2022. As a result, the OPEC basket price has oscillated between lows of ** U.S. dollars and highs of *** U.S. dollars. Shale oil overproduction leads to 2010 oil glut The 2010s price crash was caused in part by ever-growing production of domestic shale and tight oil in the United States. Though nearly ** percent of global oil reserves can be found in OPEC countries, the United States has become the largest producer of oil worldwide in the last ten years.

Yearly citation counts for the publication titled "Oil Prices and Government Bond Risk Premiums".

In 2024, the export price for one barrel of the Urals crude oil was expected to reach ** U.S. dollars. In the following year, the Russian government expected it to decrease slightly, and in 2027, it was projected to reach **** U.S. dollars per barrel. Urals is Russia's major export oil brand. Crude oil prices in Russia Different types of oil, such as light-weight, low-sulfur (light-sweet) grades and heavier, higher-sulfur (heavy-sour) crudes, can create differences in oil prices. Prices of a barrel of crude oil tend to fluctuate throughout the year due to factors like sulfur content, specific gravity, and location. In recent years, the price of Russian Urals crude oil reached a high of almost ** U.S. dollars per barrel in February 2022 and a low of **** U.S. dollars per barrel in April 2020. The Urals oil is used as a basis for Russian export oil mixture – a mix of heavy, high-oil from the Urals and Volga region and a light Siberian oil. The oil and gas industry account for a large majority of the country’s export income. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events. Prices of major crude oil blends In comparison, the West Texas Intermediate crude oil price was estimated at **** U.S. dollars per barrel in 2024. Furthermore, Dubai Fateh oil prices have fluctuated in the past decade, having reached **** U.S. dollars per barrel in 2023. Prices of petroleum products fluctuate in parallel with crude oil prices but can also depend on seasonality, market factors, or refining outages. Petroleum products like gasoline, diesel, and petrochemical feedstocks are usually the most relevant to consumers.

Japan Oil Product Retail Price: Premium Gasoline: Okinawa data was reported at 166.100 JPY/l in 23 Jul 2018. This records a decrease from the previous number of 166.700 JPY/l for 16 Jul 2018. Japan Oil Product Retail Price: Premium Gasoline: Okinawa data is updated weekly, averaging 151.000 JPY/l from May 2009 (Median) to 23 Jul 2018, with 471 observations. The data reached an all-time high of 179.200 JPY/l in 21 Jul 2014 and a record low of 125.300 JPY/l in 01 Feb 2016. Japan Oil Product Retail Price: Premium Gasoline: Okinawa data remains active status in CEIC and is reported by Agency for Natural Resources and Energy. The data is categorized under Global Database’s Japan – Table JP.P004: Oil Product Retail Price: Weekly.

According to projections for 2025, the fiscal breakeven oil price for Saudi Arabia was **** U.S. dollars per barrel. The projections for Saudi Arabia's external breakeven oil price for the same period were at ** U.S. dollars per barrel. Saudi oil industry   Saudi Arabia’s oil industry entails ** percent of the world’s proven petroleum reserves. Their oil reserves were expected to exceed ** billion metric tons by 2020. Its oil sector accounted for about half of the country’s GDP in 2018, and about ** percent of their export income, as their oil reserves are the second largest in the world and they are the world’s leading petroleum exporter. Saudi Arabia has an advantage over other oil-producing countries as the extraction process is cheaper and easier relative to other regions. The petroleum is handled and mostly controlled by Saudi Aramco which is a public company and the most profitable country in the world as of 2019. The highest value petrochemicals project in the country in 2020 was the Amiral Complex: Ethylene & Propylene Plant. Saudi economy Saudi Arabia is the world’s leader in petroleum exportation. They also had the fifth-largest natural gas reserve in 2019. However, their significant reliance on these natural resources compelled the government to launch its Saudi Vision 2030, which aims on expanding their resources. As a result, in the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014 of more than ** billion U.S. dollars due to the increase of both the oil and non-oil revenues. Public debt witnessed a significant increase in 2020 following the COVID-19 pandemic but was expected to slowly decrease in the following years. Non-oil revenues accounted for about ** percent of the country’s revenue in 2019 . The largest non-oil contributor to the country’s GDP was government services.

Explore the factors influencing the pricing and demand for ESPO crude oil, a premium Russian oil grade favored for its low sulfur content and strategic positioning in the Asia-Pacific markets. Learn about market dynamics, geopolitical impacts, and energy transition trends shaping this key export.

Japan Oil Product Retail Price: Premium Gasoline: Nation data was reported at 163.000 JPY/l in 23 Jul 2018. This records a decrease from the previous number of 163.100 JPY/l for 16 Jul 2018. Japan Oil Product Retail Price: Premium Gasoline: Nation data is updated weekly, averaging 152.100 JPY/l from May 2009 (Median) to 23 Jul 2018, with 471 observations. The data reached an all-time high of 180.700 JPY/l in 14 Jul 2014 and a record low of 122.900 JPY/l in 07 Mar 2016. Japan Oil Product Retail Price: Premium Gasoline: Nation data remains active status in CEIC and is reported by Agency for Natural Resources and Energy. The data is categorized under Global Database’s Japan – Table JP.P004: Oil Product Retail Price: Weekly.

In May 2025, Mexico's crude oil export price averaged ***** U.S. dollars per barrel. This figure represents a decrease of nearly ** U.S. dollars compared to the average a year prior. In the first half of 2025, oil prices worldwide fell due to lower demand outlooks and concerns over global economic growth prospects surrounding U.S. trade tariffs. The peak in export prices was recorded in June 2022, when crude oil prices reached *** U.S. dollars per barrel.

Japan Oil Product Retail Price: Premium Gasoline: Tohoku data was reported at 162.300 JPY/l in 23 Jul 2018. This records a decrease from the previous number of 162.500 JPY/l for 16 Jul 2018. Japan Oil Product Retail Price: Premium Gasoline: Tohoku data is updated weekly, averaging 151.000 JPY/l from May 2009 (Median) to 23 Jul 2018, with 471 observations. The data reached an all-time high of 180.100 JPY/l in 14 Jul 2014 and a record low of 122.900 JPY/l in 07 Mar 2016. Japan Oil Product Retail Price: Premium Gasoline: Tohoku data remains active status in CEIC and is reported by Agency for Natural Resources and Energy. The data is categorized under Global Database’s Japan – Table JP.P004: Oil Product Retail Price: Weekly.

Graph and download economic data for Producer Price Index by Industry: Petroleum Refineries: Premium Gasoline (PCU324110324110123) from Feb 1973 to Jun 2025 about refineries, premium, petroleum, gas, PPI, industry, inflation, price index, indexes, price, and USA.

Bolivia Weighted Average Price: Oil Derivatives: Gasoline: Premium: 90 to 95 RON data was reported at 4.790 BOB/l in 2023. This stayed constant from the previous number of 4.790 BOB/l for 2022. Bolivia Weighted Average Price: Oil Derivatives: Gasoline: Premium: 90 to 95 RON data is updated yearly, averaging 4.790 BOB/l from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 5.010 BOB/l in 2002 and a record low of 2.470 BOB/l in 1992. Bolivia Weighted Average Price: Oil Derivatives: Gasoline: Premium: 90 to 95 RON data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

Japan Oil Product Retail Price: Premium Gasoline: Hokkaido data was reported at 159.500 JPY/l in 03 Dec 2018. This records a decrease from the previous number of 164.100 JPY/l for 26 Nov 2018. Japan Oil Product Retail Price: Premium Gasoline: Hokkaido data is updated weekly, averaging 152.700 JPY/l from May 2009 (Median) to 03 Dec 2018, with 490 observations. The data reached an all-time high of 180.000 JPY/l in 14 Jul 2014 and a record low of 120.400 JPY/l in 22 Feb 2016. Japan Oil Product Retail Price: Premium Gasoline: Hokkaido data remains active status in CEIC and is reported by Agency for Natural Resources and Energy. The data is categorized under Global Database’s Japan – Table JP.P013: Oil Product Retail Price: Weekly.

Urals Oil fell to 62.56 USD/Bbl on August 8, 2025, down 0.97% from the previous day. Over the past month, Urals Oil's price has fallen 6.93%, and is down 16.53% 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.

China Import Price: Crude Oil data was reported at 550.354 USD/Ton in Mar 2025. This records a decrease from the previous number of 565.521 USD/Ton for Feb 2025. China Import Price: Crude Oil data is updated monthly, averaging 391.538 USD/Ton from Jan 1993 (Median) to Mar 2025, with 387 observations. The data reached an all-time high of 948.796 USD/Ton in Aug 2008 and a record low of 88.470 USD/Ton in Jan 1999. China Import Price: Crude Oil data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price. [COVID-19-IMPACT]

Japan Oil Product Retail Price: Premium Gasoline: Kinki data was reported at 164.200 JPY/l in 26 Nov 2018. This records a decrease from the previous number of 166.500 JPY/l for 19 Nov 2018. Japan Oil Product Retail Price: Premium Gasoline: Kinki data is updated weekly, averaging 153.000 JPY/l from May 2009 (Median) to 26 Nov 2018, with 489 observations. The data reached an all-time high of 181.200 JPY/l in 21 Jul 2014 and a record low of 123.300 JPY/l in 14 Mar 2016. Japan Oil Product Retail Price: Premium Gasoline: Kinki data remains active status in CEIC and is reported by Agency for Natural Resources and Energy. The data is categorized under Global Database’s Japan – Table JP.P013: Oil Product Retail Price: Weekly.

Graph and download economic data for PADD III (Gulf Coast District) Premium All Formulations Gas Price (GASPRMGCM) from Dec 1994 to Jul 2025 about Gulf Coast District, gas, commodities, and USA.

The Western Canadian Select (WCS) oil price has experienced significant fluctuations over the past two decades, reflecting the volatile nature of global oil markets. In 2024, the annual average WCS oil price reached ***** U.S. dollars per barrel, a slight increase from the previous year. This price movement is part of a broader trend in the oil industry, where prices have been influenced by various economic and geopolitical factors. What impacts oil prices? Oil prices have been on a rollercoaster ride since the early 2000s, with dramatic fluctuations observed in OPEC Reference Basket oils. For instance, the Saharan Blend from Algeria saw its price rise from about ** U.S. dollars per barrel in 2002 to over *** U.S. dollars a decade later, before settling at ***** U.S. dollars in 2023. These price swings have been driven by major events such as the 2008 global financial crisis, the 2020 coronavirus pandemic, and the 2022 energy supply crisis following the Russia-Ukraine war. The volatility in oil prices has had far-reaching impacts on global economies and energy markets as they impact manufacturers and consumers. How regionally important crudes can influence the global economy While WCS prices reflect trends in the North American market, other regional benchmarks provide insights into global oil dynamics. For example, Dubai Crude (Fateh), an important benchmark for Asia, averaged ***** U.S. dollars per barrel in 2023, down from ***** U.S. dollars the previous year. Similarly, Russia's Urals crude oil, a major export brand, saw its price fluctuate in response to global events and policy decisions, such as the price cap imposed by the G7, EU, and Australia in December 2022. These regional variations highlight the complex interplay of supply, demand, and geopolitical factors in shaping global oil prices.

In June 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ***** U.S. dollars per barrel. This was an increase 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.

The global premium engine oil market is experiencing robust growth, driven by the increasing demand for high-performance vehicles, stringent emission regulations, and a rising focus on engine protection and longevity. The market size in 2025 is estimated at $25 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. This growth is fueled by several key factors. Firstly, the automotive industry's continuous innovation in engine technology necessitates the use of premium oils capable of handling higher operating temperatures and pressures. Secondly, environmental regulations worldwide are pushing for cleaner vehicles and fuels, leading to a higher demand for oils formulated to meet these stringent standards. Thirdly, the rising disposable income in developing economies is increasing vehicle ownership, particularly among consumers seeking superior engine protection and performance. Finally, the expanding industrial and marine sectors are also significant contributors, demanding specialized premium engine oils tailored to their specific applications. The market segmentation reveals significant opportunities across various application areas. Automotive remains the dominant segment, closely followed by the motorcycle and industrial sectors. Synthetic oils are gaining traction over mineral oils due to their superior performance characteristics, such as enhanced viscosity and oxidation resistance. Geographically, North America and Europe currently hold significant market shares, however, rapid economic growth in Asia-Pacific is projected to drive substantial market expansion in this region over the forecast period. Key players, including Shell, ExxonMobil, and others, are engaged in strategic initiatives such as product innovation, mergers and acquisitions, and expanding their distribution networks to enhance their market positions. The competitive landscape is characterized by intense rivalry, requiring continuous investment in research and development to maintain a competitive edge. Potential restraints include fluctuating crude oil prices and economic downturns, which can impact demand.