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.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.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 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 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.23 U.S. dollars per barrel as of June. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

The marine gas oil (MGO) market is experiencing robust growth, driven by increasing global maritime trade and stringent environmental regulations. While precise market size data for MGO isn't provided, considering the related fuel oil market's size and growth rates, a reasonable estimate for the 2025 MGO market size could be in the range of $50-60 billion USD. This is based on the assumption that MGO represents a significant, yet not dominant, portion of the overall marine fuel market. Factors like the increasing adoption of scrubbers and the shift towards cleaner fuels like LNG also influence the market dynamics. The market is segmented by fuel type (Low Sulphur Fuel Oil (LSFO), Ultra-Low Sulphur Fuel Oil (ULSFO), Very Low Sulphur Fuel Oil (VLSFO)) and application (Tanker Vessels, Cargo Ships, Container Ships, Bulk Carriers, Other). Growth is fueled by the expanding global shipping fleet, particularly in the container and bulk carrier segments. However, price volatility and fluctuations in crude oil prices pose significant challenges. Furthermore, the ongoing transition to alternative fuels like liquefied natural gas (LNG) and methanol presents a long-term restraint to MGO’s growth. Assuming a conservative CAGR of 4% (taking into account the factors mentioned above), the market could reach $70-80 billion USD by 2033. The major players in the MGO market are established energy giants like ADNOC, ExxonMobil, Shell, BP, and Total, along with regional players such as Petrogulf Oil Manufacturing and Engen. These companies are focusing on optimizing their product portfolios to meet evolving environmental regulations and customer demands. Regional growth varies, with Asia-Pacific and North America expected to dominate due to high shipping activity and robust economic growth. However, stricter emission regulations in Europe and the increasing adoption of sustainable fuels in this region could lead to a faster growth rate in the coming years. Competition among suppliers is intense, emphasizing the need for efficient supply chains and strategic partnerships to maintain market share. Innovation in fuel technology, particularly in the development of low-sulfur and bio-based alternatives, is crucial for long-term growth and sustainability in this dynamic sector.

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.

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.

Learn about the projected increase in demand for oil crops worldwide and the expected market growth by 2035.

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.

The article discusses the increasing demand for oil crops worldwide, leading to an anticipated upward consumption trend in the market over the next decade. Market performance is predicted to slow down, with a projected growth rate of +1.1% in volume and +2.0% in value from 2024 to 2035. By the end of 2035, the market volume is expected to reach 1,243M tons and the market value to reach $1,307.9B.

Retail Price: Groundnut Oil: East Zone: Patna data was reported at 165.000 INR/kg in Feb 2015. This records an increase from the previous number of 90.000 INR/kg for May 2008. Retail Price: Groundnut Oil: East Zone: Patna data is updated monthly, averaging 80.000 INR/kg from Nov 2001 (Median) to Feb 2015, with 80 observations. The data reached an all-time high of 165.000 INR/kg in Feb 2015 and a record low of 38.000 INR/kg in Nov 2001. Retail Price: Groundnut Oil: East Zone: Patna data remains active status in CEIC and is reported by Department of Consumer Affairs. The data is categorized under Global Database’s India – Table IN.PC119: Retail Price: Department of Consumer Affairs: Agriculture Commodities: Month End: by Cities: Groundnut Oil (Discontinued).

The Egypt Oil And Gas Upstream Market size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 1.52 % during the forecasts periodsThe upstream segment of Egypt's oil and gas industry encompasses exploration and production activities critical to the country's economy. Egypt holds a significant position in the global energy market, boasting substantial reserves of oil and natural gas primarily situated in the Western Desert, Nile Delta, and Mediterranean Sea. This sector involves multinational oil firms, national entities such as the Egyptian General Petroleum Corporation (EGPC), and independent operators engaged in the exploration, drilling, and extraction of crude oil and natural gas. Egypt's upstream sector has seen notable advancements due to favorable geological conditions, ongoing exploration endeavors, and technological innovations in extraction methods. Major gas discoveries like Zohr in the Mediterranean Sea have strengthened Egypt's role as a pivotal energy hub regionally and bolstered its energy security. The government has implemented policies aimed at attracting foreign investments, stimulating exploration activities, and enhancing production efficiency through collaborative ventures and licensing initiatives. Challenges confronting Egypt's oil and gas upstream sector include regulatory uncertainties, geopolitical complexities, fluctuations in global oil prices, and infrastructural limitations. The industry is also addressing environmental considerations and the imperative for sustainable practices amid heightened international scrutiny. Nonetheless, Egypt remains a magnet for upstream investments, leveraging its strategic location, abundant resource base, and initiatives aimed at diversifying its energy portfolio while fostering economic expansion and achieving energy self-sufficiency. Recent developments include: May 2023: UAE-based energy firm - Dana Gas announced its plans to start the drilling of 11 new wells in Egypt by the end of this year and projects the wells to add up to 80 bcf of reserves and production. The company has allocated investments of approximately USD 100 million to drill these wells, indicating that the company has four concessions in Egypt and is seeking to include them in one concession within an agreement awaiting approval by the House of Representatives., June 2022: The Egyptian Natural Gas Holding Company announced that BP was awarded an offshore exploration block in Egypt following its successful participation in a limited bid round in 2021., January 2022: TransGlobe Energy Corporation and Pharos Energy were appointed by the Ministry of Petroleum and Mineral Resources to conduct oil exploration in the Western and Eastern Deserts. The contracts are valued at at least USD 506 million in total. Additionally, both regions will receive a USD 67 million grant to drill 12 wells.. Key drivers for this market are: 4., Increasing Investment in the Oil and Gas Sector. Potential restraints include: 4., Inclination Toward Renewable Energy. Notable trends are: Natural Gas Expected to Dominate the Market.

The global strawberry seed oil market is poised for significant growth, driven by increasing consumer awareness of its health benefits and versatility in cosmetic and culinary applications. While precise market sizing data is unavailable, a logical estimation, considering similar niche oil markets exhibiting a CAGR of 5-7%, suggests a 2025 market value of approximately $50 million. This figure is based on observed growth patterns in other specialty oils and the expanding demand for natural and organic products. The market is fragmented, with key players like Connoils LLC, The Kerfoot Group, and others competing primarily on quality, sourcing, and branding. Growth drivers include the rising popularity of natural skincare products, the increasing demand for functional foods, and the growing awareness of the oil's potential anti-inflammatory and antioxidant properties. Trends point towards increasing demand for sustainably sourced and ethically produced strawberry seed oil, aligning with broader consumer preferences for eco-conscious products. However, restraints such as the relatively low yield of oil from strawberries and the associated high production costs could limit market expansion, at least in the short term. Further research and development efforts focused on increasing extraction efficiency and reducing production costs are crucial for realizing the full market potential. The period from 2025 to 2033 is expected to witness robust market expansion. Assuming a conservative CAGR of 6%, the market value could reach approximately $80 million by 2030 and potentially exceed $100 million by 2033. Regional market share will likely be influenced by factors such as consumer preferences, regulatory frameworks, and the availability of raw materials. North America and Europe are projected to hold significant market shares, given the established presence of key players and the high demand for premium natural products in these regions. Asia-Pacific also represents a potentially lucrative emerging market, driven by growing consumer awareness and rising disposable incomes. Strategic partnerships and investments in research and development aimed at enhancing production efficiency and expanding distribution channels are likely to shape the competitive landscape in the coming years.

TTF Gas fell to 33.80 EUR/MWh on August 1, 2025, down 3.98% from the previous day. Over the past month, TTF Gas's price has risen 1.48%, but it is still 7.79% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF - values, historical data, forecasts and news - updated on August of 2025.

The global energy price index stood at around 101.5 in 2024. Energy prices were on a decreasing trend that year, and forecasts suggest the price index would decrease below 80 by 2026. Price indices show the development of prices for goods or services over time relative to a base year. Commodity prices may be dependent on various factors, from supply and demand to overall economic growth. Electricity prices around the world As with overall fuel prices, electricity costs for end users are dependent on power infrastructure, technology type, domestic production, and governmental levies and taxes. Generally, electricity prices are lower in countries with great coal and gas resources, as those have historically been the main sources for electricity generation. This is one of the reasons why electricity prices are lowest in resource-rich countries such as Iran, Qatar, and Russia. Meanwhile, many European governments that have introduced renewable surcharges to support the deployment of solar and wind power and are at the same time dependent on fossil fuel imports, have the highest household electricity prices. Benchmark oil prices One of the commodities found within the energy market is oil. Oil is the main raw material for all common motor fuels, from gasoline to kerosene. In resource-poor and remote regions such as the United States' states of Alaska and Hawaii, or the European country of Cyprus, it is also one of the largest sources for electricity generation. Benchmark oil prices such as Europe’s Brent, the U.S.' WTI, or the OPEC basket are often used as indicators for the overall energy price development.

The global Litsea oil market is experiencing robust growth, driven by increasing demand across diverse sectors. While the exact market size for 2025 is not provided, a reasonable estimate, considering typical growth rates in the essential oils market and the expanding applications of Litsea oil, could be placed between $80 million and $120 million. Assuming a conservative CAGR (Compound Annual Growth Rate) of 6% – a figure aligned with growth trends observed in similar specialty oil markets – the market is projected to reach a significant size by 2033. This growth is primarily fueled by the rising popularity of Litsea oil in the food and beverage industry, particularly as a flavoring agent and preservative, as well as its expanding use in the cosmetics and personal care sector for its purported skin benefits. The increasing consumer awareness of natural and organic products further bolsters the market's trajectory. Different Litsea oil types, including condiment and spice varieties, cater to various applications. However, challenges remain. Price volatility in raw materials, seasonal production limitations, and the potential for synthetic substitutes could act as restraints to market growth. Furthermore, effective supply chain management and regulatory compliance present ongoing concerns for industry players. The market's geographic distribution is expected to be skewed towards regions with established demand for natural ingredients, such as North America and Europe, but substantial growth potential also exists in Asia-Pacific, driven by increasing disposable incomes and a rising middle class seeking premium natural products. Companies involved in Litsea oil production and distribution include both large multinational corporations and smaller, specialized producers, creating a dynamic market landscape. The increasing number of applications for Litsea oil in new consumer products indicates that the market's long-term outlook remains positive, promising sustained growth in the coming years.

United States Natural Gas Exports: Avg Price: LNG: To Mexico: From Otay Mesa, California data was reported at 9.870 USD/1000 Cub ft in Feb 2018. This records a decrease from the previous number of 9.980 USD/1000 Cub ft for Jan 2018. United States Natural Gas Exports: Avg Price: LNG: To Mexico: From Otay Mesa, California data is updated monthly, averaging 9.240 USD/1000 Cub ft from Jan 2011 (Median) to Feb 2018, with 80 observations. The data reached an all-time high of 12.020 USD/1000 Cub ft in Nov 2013 and a record low of 7.140 USD/1000 Cub ft in May 2012. United States Natural Gas Exports: Avg Price: LNG: To Mexico: From Otay Mesa, California data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P015: Natural Gas Export Price: Liquefied Natural Gas.

The global buchu oil market is experiencing robust growth, driven by increasing demand across diverse applications. While precise market size figures for the base year (2025) were not provided, we can extrapolate a reasonable estimate based on available information and industry trends. Considering the growth trajectory of similar essential oil markets and the rising popularity of natural products in healthcare and personal care, a conservative estimate for the 2025 market size would be approximately $50 million USD. Assuming a compound annual growth rate (CAGR) of, for instance, 7%, which aligns with the growth of other specialty essential oil markets, the market is projected to reach approximately $80 million USD by 2033. This growth is fueled by several key factors including the increasing awareness of buchu oil's therapeutic properties, particularly its antimicrobial and anti-inflammatory benefits, leading to greater adoption in medical applications and aromatherapy. The rise of spa and wellness industries, coupled with growing consumer preference for natural and organic products, further bolsters demand. Major players like Albert Vieille, Berje, and Robertet Group are actively contributing to market expansion through product innovation and strategic partnerships. However, market growth might face some challenges. Potential restraints include the fluctuating prices of raw materials (influenced by buchu plant cultivation), limited availability in certain regions, and sustainability concerns related to buchu harvesting. Further segmentation analysis, including a breakdown by type (compound vs. unilateral essential oil) and application (medical, spa, etc.), will be crucial in identifying lucrative sub-segments for targeted investment and marketing strategies. Geographic expansion into high-growth regions, particularly in Asia Pacific and parts of Africa, also presents significant opportunities for market players to capture untapped demand and strengthen their market position. The continuous research and development efforts focused on discovering new applications and enhancing the efficacy of buchu oil will be key in shaping the future landscape of this growing market. This report provides a detailed analysis of the global buchu oil market, valued at approximately $150 million in 2023, projecting robust growth to reach $250 million by 2028. It delves into market dynamics, key players, and future trends, offering valuable insights for stakeholders across the buchu oil value chain. This report is essential for businesses involved in the production, processing, distribution, and application of buchu oil, including manufacturers, suppliers, distributors, retailers, and end-users.

Offshore Oil and Gas Drilling Market Outlook

The global offshore oil and gas drilling market size was valued at approximately USD 80 billion in 2023 and is projected to reach around USD 120 billion by 2032, growing at a CAGR of 4.5% during the forecast period. This robust growth is driven by increasing energy demand, technological advancements in drilling equipment, and the exploration of untapped offshore reserves. The expanding industrialization and urbanization, particularly in developing regions, further fuel the demand for offshore drilling activities, contributing to the market's expansion.

One of the primary growth factors in the offshore oil and gas drilling market is the escalating global energy demand. As economies worldwide continue to grow, the requirement for energy increases proportionally. Offshore drilling presents a significant opportunity to meet this demand, especially as onshore reserves become increasingly depleted or difficult to access. Additionally, advancements in drilling technology have reduced the risks and costs associated with offshore projects, making them more economically viable. These technological improvements include enhanced drilling techniques, better equipment durability, and more precise geological data acquisition, all of which contribute to more efficient and cost-effective drilling operations.

Another crucial growth factor is the rising investment in offshore exploration by major oil companies. With oil prices showing signs of stability, many oil and gas companies are renewing their focus on exploring new offshore fields. Governments in various countries are also providing incentives to encourage exploration in their territorial waters. These incentives include tax breaks, subsidies, and easier regulatory requirements, all aimed at boosting offshore exploration activities. The discovery of new reserves in regions such as the South China Sea, the Gulf of Mexico, and the North Sea has further fueled optimism and investment in the sector.

Environmental considerations and the push for sustainability also play a role in the offshore oil and gas drilling market's dynamics. While there is a global shift towards renewable energy sources, hydrocarbons remain a critical component of the energy mix. Offshore drilling allows for the extraction of oil and gas with a relatively smaller environmental footprint compared to some onshore methods. Moreover, advancements in drilling technology and safety measures have significantly reduced the environmental risks associated with offshore drilling. This balance of meeting energy needs while adhering to environmental standards is likely to sustain and possibly enhance offshore drilling activities.

The role of Oil and Gas Wells Drilling Services is pivotal in the offshore drilling industry. These services encompass a range of activities essential for the successful extraction of hydrocarbons from beneath the seabed. They include the provision of specialized equipment, skilled personnel, and technical expertise required to drill and complete wells safely and efficiently. As the demand for energy continues to rise, the need for advanced drilling services becomes increasingly critical. Companies offering these services are continuously innovating to enhance drilling precision, reduce operational risks, and minimize environmental impact. The integration of digital technologies, such as real-time monitoring and predictive analytics, is transforming traditional drilling practices, enabling more efficient resource extraction and better decision-making during drilling operations.

Regionally, the outlook for offshore oil and gas drilling varies significantly. North America, particularly the Gulf of Mexico, remains a leading area for offshore activities due to its established infrastructure and significant reserves. The Asia-Pacific region, with countries like China and India investing heavily in offshore exploration, shows considerable potential for market growth. Europe, with its mature North Sea fields, continues to be a significant player, although regulatory pressures and a shift towards renewables could impact future activities. The Middle East and Africa also present substantial opportunities, driven by ongoing exploration and development projects. Latin America, particularly Brazil, is emerging as a key region for offshore drilling, with substantial investments in deepwater and ultra-deepwater projects.

Type Analysis

The offshore oil and gas drilling mar

The Argentina passenger vehicle lubricants market, valued at approximately $150 million in 2025, is projected to exhibit a steady growth trajectory over the forecast period (2025-2033), driven by a Compound Annual Growth Rate (CAGR) of 2.51%. This growth is fueled by several key factors. The increasing number of passenger vehicles on Argentinian roads, coupled with rising disposable incomes and a growing middle class, contributes significantly to increased demand for lubricants. Furthermore, the government's focus on infrastructure development and the expansion of the automotive industry within Argentina are creating a favorable environment for market expansion. However, economic volatility and fluctuations in oil prices pose potential challenges to sustained growth. The market is segmented by product type, with engine oils holding the largest market share, followed by greases, hydraulic fluids, and transmission & gear oils. Key players such as BP PLC (Castrol), Chevron Corporation, and ExxonMobil Corporation, along with regional and international competitors, are actively competing for market share through product innovation, strategic partnerships, and brand building. The competitive landscape is characterized by a blend of established international players and local companies catering to specific regional needs. The growth within specific lubricant segments will likely vary. Engine oils will continue to dominate due to their essential role in vehicle maintenance. However, growth in specialized lubricants like those for newer, more fuel-efficient vehicles, could outpace the overall market average. Furthermore, increasing awareness of environmental concerns might drive demand for more eco-friendly lubricant options, potentially creating new opportunities for market participants. The forecast period will witness a gradual shift towards higher-quality, performance-enhancing lubricants as vehicle technology advances. This trend will favor companies investing in research and development to cater to evolving consumer needs and stricter emission regulations. Continued economic stability and sustained infrastructure development will be crucial for the sustained growth of the Argentinian passenger vehicle lubricants market during the forecast period. Recent developments include: November 2021: Puma Energy recently entered into a contract with Kia Argentina. Puma is expected to provide Kia with its lubricants and oils for the optimal maintenance of Kia vehicles.September 2021: Puma Energy expanded its business in Argentina with 400 locations in the country. The company sells its fuel and lubricant products through 400 fuel stations and 100 wholesale facilities.July 2021: Gulf Oil reached the 80 service station mark in Argentina through which it sells its lubricant products to its customers.. Notable trends are: Largest Segment By Product Type : Engine Oils.

The gasoline price in the Philippines continued to fluctuate in 2023 and the first quarter of 2025, reaching 56.34 Philippine pesos per liter in April 2025. The retail price of petrol peaked between May and June 2022.   Which countries supply petroleum products to the Philippines? The refined petroleum products supply in the Philippines is mainly imported from South Korea, which accounts for 31 percent of the total import share. Singapore and China also provide a large share of the country’s petroleum product supply. Due to a dormant oil refining capacity, the production of petroleum refinery products in the Philippines has shown sluggish growth recently, further emphasizing the need for importing such products. Leading petroleum companies in the Philippines Shell Pilipinas Corporation held the highest share of the petroleum market in the Philippines, with a market share of about 16 percent in 2023. The company operated its petroleum refinery until 2020, when it decided to focus on imports. There is only one operating oil refinery in the country, which is run by the second-largest oil company – Petron Corporation.