Explore the factors influencing crude oil prices, including supply and demand, geopolitical tensions, OPEC's role, and market speculation. Stay informed on real-time updates and analyses from platforms like Bloomberg and Reuters to make informed decisions.

Oil prices dipped slightly following a two-week high as U.S.-China trade developments unfold, impacting global oil markets.

The price of Urals crude oil was recorded at 16.77 U.S. dollars per barrel below the benchmark Brent on September 20, 2023 (based on a rolling average of the past five days). The difference increased after a price cap on Russian oil was announced on December 2, 2022, and took effect on December 5, 2022, but it has been decreasing since end-March 2023. At the end of February 2022 and throughout March 2022, the discount rose significantly, reflecting the market reaction to the Russia-Ukraine war. In August 2023, the average price of Urals oil reached 74.5 U.S. dollars per barrel.

Russian oil price cap In December 2022, members of the G7, together with the European Union (EU) and Australia, limited the price of one barrel of Russian oil to 60 U.S. dollars in response to the war in Ukraine. The cap was planned to be reviewed every two months to reflect future market developments. The Russian government stated it would not supply oil to the countries imposing a price ceiling on its oil. While the effect of the ban on global oil prices is yet to be seen, it is expected that the ban would benefit other oil producing countries, as the EU would have to replace Russian supplies with other routes. Germany and Poland were the leading importers of Russian oil in the EU in 2021.

EU ban on Russian oil imports
The EU ban on Russian seaborne crude oil imports, announced in June 2022, took effect on December 5, 2022. Furthermore, refined petroleum products will be included from February 5, 2023. Even though the EU prohibited imports of Russian oil and refined products, it still allowed their transport to non-EU countries as long as they are purchased for 60 U.S. dollars per barrel or lower. As a result of the ban, Russia's oil production was forecast to decline to 438 million metric tons in 2022, down 10 percent from the previous year.

Oil prices saw a modest rise after declines due to Saudi production signals, amidst U.S. economic contraction and trade policy impacts.

CRB Index rose to 373.34 Index Points on July 11, 2025, up 1.06% from the previous day. Over the past month, CRB Index's price has risen 0.59%, and is up 9.33% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. CRB Commodity Index - values, historical data, forecasts and news - updated on July of 2025.

According to Cognitive Market Research, the global Geomechanics Software market size will be USD 19,324.8 million in 2025. It will expand at a compound annual growth rate (CAGR) of 16.50% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 7150.18 million in 2025 and will grow at a compound annual growth rate (CAGR) of 14.3% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue with a market size of USD 5604.19 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 4637.95 million in 2025 and will grow at a compound annual growth rate (CAGR) of 18.5% from 2025 to 2033.
South America has a market share of more than 3.8% of the global revenue with a market size of USD 734.34 million in 2025 and will grow at a compound annual growth rate (CAGR) of 15.5% from 2025 to 2033.
Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 772.99 million in 2025 and will grow at a compound annual growth rate (CAGR) of 15.8% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 425.15 million in 2025 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2025 to 2033.
Mining is the fastest growing segment of the Geomechanics Software industry

Market Dynamics of Geomechanics Software Market

Key Drivers for Geomechanics Software Market

Rising Demand for Advanced Simulation Tools Is Expected To Boost Market Growth

The increasing complexity of subsurface exploration and engineering projects has created a growing demand for advanced simulation tools, particularly in the geomechanics domain. These tools enable engineers and geoscientists to model geological formations with high precision, allowing for better understanding and prediction of rock and soil behavior under varying stress and environmental conditions. In April 2025, Shell signed an agreement with the Bulgarian government to explore the Khan Tervel block in the Black Sea. This initiative aims to diversify Bulgaria's energy sources, reducing reliance on Russian gas. Moreover, the integration of high-performance computing (HPC), artificial intelligence (AI), and machine learning (ML) into geomechanics software has significantly improved the capability to process large volumes of geological data and run complex models in shorter timeframes.

https://www.reuters.com/business/energy/bulgaria-shell-sign-contact-black-sea-gas-oil-exploration-2025-04-15”/

Technological Advancements in 3D Modeling To Boost Market Growth

Technological advancements in 3D modeling have revolutionized the way geomechanical data is interpreted and applied in engineering and resource extraction projects. Traditional 2D models often lacked the depth and precision needed to accurately represent complex geological formations. In contrast, modern 3D modeling tools allow for a more comprehensive and realistic visualization of subsurface structures, enabling engineers to assess geotechnical risks, predict deformation patterns, and design more effective interventions with greater confidence. This California-based company is revolutionizing military logistics by 3D printing drones rapidly and efficiently. Their approach allows for decentralized manufacturing, enabling production in various environments. Firestorm has secured a $100 million contract with the U.S. Air Force and has received investment from Lockheed Martin's venture arm.

Restraint Factor for the Geomechanics Software Market

High Cost of Software and Licensing, Will Limit Market Growth

One of the primary restraints hindering the growth of the geomechanics software market is the high cost associated with purchasing, implementing, and maintaining these sophisticated tools. Geomechanics software often involves advanced simulation capabilities, integration with multiple data sources, and customization options tailored to specific industries, all of which contribute to elevated pricing. For many small and medium-sized enterprises (SMEs), these costs can be prohibitive, limiting access to the latest technological advancements in geotechnical analysis. In addition to the initial purchase price, licensing models can be complex and expensive, especially for enterprise-level or multi-user environments. Many vendors...

According to Cognitive Market Research, the global Seismic Survey market size will be USD 25,640.0 million in 2025. It will expand at a compound annual growth rate (CAGR) of 5.60% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 9486.80 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.1% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue with a market size of USD 7435.60 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 6153.60 million in 2025 and will grow at a compound annual growth rate (CAGR) of 8.3% from 2025 to 2033.
South America has a market share of more than 4% of the global revenue with a market size of USD 974.32 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2025 to 2033.
Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 1025.60 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 564.08 million in 2025 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2025 to 2033.
Software is the fastest growing segment of the Seismic Survey industry

Market Dynamics of Seismic Survey Market

Key Drivers for Seismic Survey Market

Increasing Oil & Gas Exploration Is Expected To Boost Market Growth

Seismic surveys use advanced technologies such as 3D and 4D imaging, ocean-bottom nodes, and AI-powered data analytics to map underground rock formations. These techniques help oil and gas companies minimize exploration risks, optimize drilling activities, and enhance reservoir management. The ability to gather high-resolution subsurface data allows operators to make informed decisions, reducing the likelihood of dry wells and improving overall exploration success rates. As a result, seismic surveys have become an essential tool for the energy sector in maximizing hydrocarbon recovery while maintaining cost efficiency. Governments worldwide are granting new exploration licenses and offering incentives to energy companies to boost domestic oil and gas production, further driving the demand for seismic surveys. In February 2024, Brazil's Petrobras and India's Oil and Natural Gas Corporation (ONGC) signed a memorandum of understanding to cooperate in exploration, production, oil and gas sales, decarbonization, and biofuels development.

https://www.reuters.com/business/energy/petrobras-indias-ongc-agree-cooperate-exploration-production-2025-02-12/

Rising Offshore Exploration Activities To Boost Market Growth

Deepwater and ultra-deepwater exploration require imaging techniques such as 3D and 4D seismic surveys, ocean-bottom seismic nodes, and advanced data processing algorithms. These technologies provide high-resolution subsurface maps that help geologists and engineers locate hydrocarbon reservoirs while minimizing drilling uncertainties. By leveraging seismic surveys, offshore operators can optimize well placement, reduce dry well occurrences, and enhance reservoir management, ultimately improving the profitability of exploration and production activities. Several key offshore regions, including the Gulf of Mexico, North Sea, South China Sea, and offshore West Africa, are witnessing increased exploration investments. Governments and energy companies are offering new offshore licensing rounds, encouraging exploration in frontier areas. Additionally, technological advancements in floating production storage and offloading (FPSO) units and subsea infrastructure are making deepwater and ultra-deepwater exploration more feasible.

Restraint Factor for the Seismic Survey Market

Complex Integration with Legacy Systems, Will Limit Market Growth

Seismic surveys are capital-intensive operations that require substantial financial investments in specialized equipment, skilled labor, and advanced data processing technologies. The high cost of acquiring and maintaining seismic vessels, airgun arrays, geophones, and ocean-bottom nodes makes offshore and onshore seismic exploration an expensive endeavor. Additionally, deploying sophisticated 3D and 4D seismic imaging systems, which provide high-resolution subsurface data, further adds to ...