The global fuel energy price index stood at 166.79 index points in May 2025, up from 100 in the base year 2016. Figures increased that month due to greater demand for motor fuels and cooling. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Tariffs bring economic uncertainty With the global economy having adjusted to the effects of the Russia-Ukraine war, new uncertainty has emerged due to tariffs imposed by the Trump administration. If these tariffs are fully implemented, global trade could be significantly disrupted, mainly the bilateral trade between the world’s two largest economies. In 2025, import tariffs between China and the United States exceeded 130 percent on both sides, while their tariffs on imports from the rest of the world were around 10 percent. U.S. tariffs on Chinese imported goods reached a high of 134.7 percent in April of that year, while China imposed a 147.6 percent tariff on U.S. goods. Early estimates indicate that the impact of Trump’s proposed tariffs on the U.S. economy could amount to 0.4 percent of GDP, mainly driven by the reduced trade with Mexico, Canada and China.

The average price of Indian basket crude oil was estimated to reach ***** U.S. dollars per barrel in the financial year 2024. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly decreased from the previous year’s average of ***** U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost *** U.S. dollars per barrel. Recent trends in the Indian oil industry The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years. The future of the Indian energy sector As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.

Crude commodity prices refer to the rates at which crude oil is being traded in various markets. Today, the price of Brent crude oil is $60 per barrel, while the price of WTI crude oil is $58 per barrel. Factors such as supply and demand dynamics, geopolitical tensions, and economic indicators influence these prices, which are subject to constant fluctuations. Traders and investors closely monitor crude commodity prices to make informed decisions and assess market trends.

The size of the Europe Oil and Gas Storage Tank Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00% during the forecast period. The oil and gas storage tank market is vital to energy security and proper utilization of hydrocarbon resources in Europe. The market encompasses a large number of crude oil, refined petroleum products, and natural gas storage facilities that ensure strategic reserves and operational demand throughout the region. Adequate storage infrastructure is indispensable in Europe, which relies heavily on imports of oil and gas. Stabilizing supply is necessary to manage price volatility. In very recent times, there has been a swing that has been very much towards the sophisticated end of storage technologies, more towards the ultra-modern, sophisticated kind of tank farms with advanced monitoring systems and safety features. Market pressure is mounting due to increasing regulatory pressures on minimizing environmental impact and raising safety standards, which then results in investments in environmentally friendly storage solutions. Geopolitical factors, notably tensions in Eastern Europe that are now tied to the energy crisis, have dramatically increased the strategic value of storage capacities. Nations are actively investing in SPR development as well as in the infrastructure to offer energy resiliency. However, while challenges are observed in the form of fluctuating demand, transition toward renewable energy, and an imperative to modernize, this European oil and gas storage tank market is poised for growth in a pretty relative manner. Investments in infrastructure, technological advancements, and a focus on sustainability will most likely determine the future of this most essential sector of the European energy landscape Recent developments include: September 2022: Germany's natural gas storage facilities reached more than 85%, displaying steady progress despite a drastic reduction in deliveries from Russia amid the war in Ukraine. The government's target to reach 85% storage capacity by October was achieved at the beginning of September., July 2022: Germany and Austria signed a deal to accelerate filling gas storage facilities. With the signing of a bilateral solidarity agreement, the two countries agreed to cooperate on the use of liquefied natural gas (LNG) infrastructure and storage filling.. Key drivers for this market are: 4., Growing Demand for Renewable Energy4.; Upcoming Investments in the Energy Sector and Supportive Renewable Energy Policies. Potential restraints include: 4., High Initial Investment Cost and Long Investment Return Period on Projects. Notable trends are: Midstream to Witness Significant Growth.

Oil Sands Market Outlook

The global oil sands market size was valued at approximately USD 90 billion in 2023 and is projected to reach USD 120 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.1% during the forecast period. This growth is primarily driven by increasing energy demands coupled with advancements in extraction technologies. The rising global energy consumption, especially in emerging economies, is a significant factor contributing to the expansion of the oil sands industry. The demand for secure and reliable energy sources continues to fuel investments in oil sands as an alternative to conventional oil sources.

One of the primary growth factors for the oil sands market is the technological advancements in extraction methods that have significantly increased the efficiency and environmental sustainability of operations. Innovations such as steam-assisted gravity drainage (SAGD) and other enhanced recovery techniques have made in-situ extraction more viable, thereby expanding the scope of oil sands development. These techniques improve recovery rates and reduce the environmental footprint, making oil sands a more attractive investment for energy companies looking to diversify their portfolios amidst fluctuating oil prices and geopolitical uncertainties.

Moreover, the increasing need for energy security and diversification of energy supply chains are propelling nations to explore and develop oil sands resources. Countries with abundant oil sands deposits, like Canada, are actively seeking to enhance their production capabilities to meet both domestic and international energy demands. This is further supported by governmental policies and incentives aimed at promoting sustainable extraction practices and investments in cleaner technologies. As global oil demand continues to rise, particularly in Asia and North America, the oil sands market is poised for steady growth.

Environmental considerations and regulatory frameworks are also shaping the growth trajectory of the oil sands market. There is a growing emphasis on reducing greenhouse gas emissions and minimizing the ecological impact of oil sands extraction. This has led to increased research and development initiatives focused on developing low-carbon technologies and improving overall operational efficiency. Consequently, companies are now more inclined to adopt sustainable practices, which are not only cost-effective but also essential for meeting stringent regulatory standards.

Regionally, North America remains the dominant player in the oil sands market, primarily due to the vast deposits in Canada, particularly in Alberta. The region accounted for the majority of the global market share in 2023 and is expected to maintain its lead throughout the forecast period. However, Asia Pacific is projected to exhibit the highest growth rate, driven by burgeoning energy needs and increasing urbanization in countries like China and India. Latin America and the Middle East & Africa are also witnessing growing interest in oil sands development, albeit at a slower pace due to infrastructural and political challenges.

Extraction Method Analysis

Extraction methods play a crucial role in the development and profitability of the oil sands market. Two primary extraction methods dominate the industry: surface mining and in-situ techniques. Surface mining, which involves the removal of overburden to access oil sands deposits, is traditionally used when the deposits are located closer to the surface. This method, while effective, is often criticized for its environmental impact, including land disturbance and water usage. However, advancements in technology and stricter environmental regulations have led to improvements in waste management and reclamation efforts, making surface mining more sustainable.

In-situ extraction, on the other hand, is utilized for deeper deposits that cannot be accessed via traditional mining methods. This method involves injecting steam into the ground to heat the bitumen, reducing its viscosity and allowing it to be pumped to the surface. Techniques such as steam-assisted gravity drainage (SAGD) and cyclic steam stimulation (CSS) have revolutionized in-situ extraction by enhancing recovery rates and reducing costs. The growing preference for in-situ methods is evident due to their lower environmental footprint compared to surface mining, making them the focus of future oil sands projects.

The choice of extraction method is largely influenced by the geographical distribution of oil sands deposits and the regulatory landscape. In

Drill Pipe Market Outlook

According to our latest research, the global drill pipe market size reached USD 1.45 billion in 2024, reflecting robust demand from the oil & gas, mining, and construction sectors. The market is projected to grow at a CAGR of 4.7% during the forecast period, with the total value forecasted to reach USD 2.19 billion by 2033. This growth is driven by the resurgence of exploration activities, technological advancements in drilling equipment, and a steady rise in energy demand worldwide. As per our analysis, the industry is witnessing a shift towards more premium-grade pipes and offshore drilling, further propelling market expansion.

The primary growth factor for the global drill pipe market is the increasing number of oil and gas exploration and production (E&P) projects, particularly in regions with untapped hydrocarbon reserves. The volatility in crude oil prices over the past few years had temporarily slowed down investments; however, the market rebounded due to renewed interest in unconventional resources such as shale oil and deepwater reserves. Companies are now investing heavily in advanced drilling technologies to maximize output and reduce operational costs, which directly fuels the demand for durable and high-performance drill pipes. Furthermore, the shift towards horizontal and directional drilling techniques necessitates specialized drill pipes capable of withstanding higher stress and torque, thus creating lucrative opportunities for manufacturers.

Another significant factor contributing to the growth of the drill pipe market is the rapid technological advancements in pipe materials and manufacturing processes. The introduction of premium-grade drill pipes, which offer superior corrosion resistance, fatigue strength, and longer service life, has revolutionized the industry. These innovations are particularly valuable in challenging drilling environments such as ultra-deepwater, high-pressure, and high-temperature wells. The adoption of automation and digital monitoring solutions in drilling operations has also enhanced the efficiency and safety of pipe deployment, further boosting market demand. Additionally, the integration of big data analytics and IoT in drilling operations allows for real-time monitoring of pipe conditions, reducing downtime and maintenance costs.

The expansion of infrastructure and construction activities worldwide, especially in emerging economies, is another key driver for the drill pipe market. Construction and mining sectors are increasingly utilizing drill pipes for foundation work, mineral extraction, and tunneling projects. Government initiatives aimed at improving infrastructure, coupled with rising urbanization and industrialization, are spurring demand for high-quality drill pipes. The growing focus on renewable energy sources, including geothermal drilling, is also expected to create new avenues for market growth. As the industry continues to diversify its application base, the demand for versatile and robust drill pipes is anticipated to rise steadily.

From a regional perspective, Asia Pacific holds a dominant position in the global drill pipe market, driven by rapid industrialization, significant investments in oil & gas exploration, and large-scale infrastructure projects in countries such as China, India, and Australia. North America follows closely, supported by the shale gas boom and technological leadership in drilling equipment. The Middle East & Africa region is also witnessing substantial growth due to ongoing exploration in the Arabian Peninsula and offshore fields. Europe and Latin America, while smaller in market share, are experiencing steady growth owing to offshore drilling activities and energy diversification efforts. Overall, the regional landscape is characterized by a mix of mature and emerging markets, each contributing uniquely to the global demand for drill pipes.

Product Type Analysis

The drill pipe market by product type is segmented into Standard Drill Pipe and Heavy W

The average retail price for regular, unleaded gasoline at self-service stations in Canada was ***** Canadian cents per liter in June 2025. This was a decrease compared to the previous month. Canada's gasoline prices are generally higher than those in the United States but lower than in many European countries. Why do gasoline prices fluctuate? Crude oil prices, along with changing levels of consumer demand, are the two main factors which directly affect retail prices of motor fuels. Prices can witness a rapid increase or decrease depending on impacts on crude oil supplies, refinery operations, or pipeline deliveries. Even if crude prices remain steady, seasonal changes in demand can still affect retail prices. As a large oil producer, Canada's motor fuel prices are closely linked to its benchmark Western Canadian Select crude oil price. Gasoline refining capacities As of January 2024, the global gasoline refining capacity amounted to *** million barrels per day. The United States and Canada were the region with the largest gasoline refining capacity at *** million barrels per day. Much of this refining capacity is located in the United States, specifically.

In September 2022, the average price of diesel in London stood at ***** pence per liter.The price of diesel fuel generally fluctuates in tandem with crude oil prices and net increased by over ** pence in the period of consideration. In July 2022, the average diesel price peaked at *** pence per liter. London has a reputation for being expensive, and the cost of diesel is no exception. Prices in the capital have consistently been more expensive than the UK average. Diesel's descent in popularityAs a result of the diesel scandal, where Volkswagen was discovered to have fitted defeat devices meant to lower emission levels during fuel economy testing, the popularity of the diesel car suffered significantly. By 2021, diesel's share in the UK's new passenger car market had fallen to less than *** percent. This was in direct contrast to steady gains made by electric and hybrid vehicles, with more drivers now choosing battery-fitted vehicles over diesel combustion engines.There are many types of diesel, most commonly a fractional distillate of petroleum fuel oil, all of which are constantly being developed and adapted for the industry. As of 2006, almost all of the petroleum-based diesel fuels in Europe and North America are an ultra-low sulfur diesel (ULSD). Meanwhile, biodiesel remains a not so widely used choice.

In 2023, natural gas consumption reached a record high in Singapore, with about 12.3 billion cubic meters consumed, a decrease of 0.8 billion cubic meters from the previous year. This value increased steadily over the period measured.

Singapore’s natural gas industry is key for energy generation

Natural gas is a key energy source for power generation in Singapore. Up until 50 years ago, Singapore relied heavily on coal for power generation, but the demand for electricity has since increased due to economic development. Therefore, Singapore decided to switch to natural gas as the main fuel source for power generation. This shift led to an increase in natural gas consumption, which now accounts for about 95 percent of the electricity generated in Singapore, up from just 26 percent back in 2001, when oil was the preferred fuel.

Singapore natural gas imports 

Singapore's dependence on natural gas imports is significant, as the country requires a steady supply of natural gas to meet its energy needs. Piped natural gas imported from neighboring countries, such as Indonesia and Malaysia, makes up the majority of Singapore's natural gas supply. Despite the dominance of piped natural gas, Singapore is diversifying its sources of natural gas imports. Liquid natural gas (LNG) has emerged as a promising alternative for power generation. In 2013, Singapore launched its first LNG terminal on Jurong Island.