Oil prices fell as U.S. crude inventories unexpectedly rose, raising demand concerns despite previous geopolitical and trade-related gains.

Brent crude oil is projected to have an average annual spot price of 65.85 U.S. dollars per barrel in 2025, according to a forecast from May 2025. This would mean a decrease of nearly 15 U.S. dollars compared to the previous year, and also reflects a reduced forecast WTI crude oil price. Lower economic activity, an increase in OPEC+ production output, and uncertainty over trade tariffs all impacted price forecasting. All about Brent Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the North Sea's Brent oilfield. It is a sweet light crude oil but slightly heavier than West Texas Intermediate. In this context, sweet refers to a low sulfur content and light refers to a relatively low density when compared to other crude oil benchmarks. Price development in the 2020s Oil prices are volatile, impacted by consumer demand and discoveries of new oilfields, new extraction methods such as fracking, and production caps routinely placed by OPEC on its member states. The price for Brent crude oil stood at an average of just 42 U.S. dollars in 2020, when the coronavirus pandemic resulted in a sudden demand drop. Two years later, sanctions on Russian energy imports, had pushed up prices to a new decade-high, above 100 U.S. dollars per barrel.

About the ProjectKAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.Key PointsIn the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded. Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia. North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant. For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts. Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

Heating Oil fell to 2.29 USD/Gal on August 1, 2025, down 4.50% from the previous day. Over the past month, Heating Oil's price has fallen 4.95%, and is down 1.81% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on August of 2025.

Oil prices fell due to weak demand signals from China, the world's largest oil importer, affecting recent market gains.

Learn about the lifetime high and low of crude oil prices, influenced by factors such as global demand, geopolitical events, production levels, and economic conditions. Understand how high prices reflect strong demand and geopolitical tensions, while low prices indicate weak demand and oversupply.

The global Intermediate Low Sulfur Crude Oil market is a dynamic sector characterized by significant production from major players like Saudi Aramco, ExxonMobil, and others. While precise market sizing data is unavailable, we can infer substantial value based on the global crude oil market and the segment's prominence. Considering a global crude oil market valued in the trillions, and assuming Intermediate Low Sulfur Crude represents a substantial, albeit not dominant, portion (perhaps 10-15%), we can estimate the market size in 2025 to be in the hundreds of billions of dollars. A Compound Annual Growth Rate (CAGR) – let's assume a conservative estimate of 2-3% for the forecast period (2025-2033) – reflects steady but not explosive growth. This moderate growth is driven by factors such as the ongoing global demand for refined petroleum products, despite a gradual shift towards renewable energy sources. However, several constraints exist, including geopolitical instability impacting production and supply chain disruptions, as well as fluctuations in global energy prices and the continued development of alternative fuels. The market segmentation likely includes various grades based on specific sulfur content and other characteristics, each with its unique price point and demand. Regional distribution will be heavily influenced by production hubs and proximity to major refining centers. This market shows considerable resilience. While renewable energy transition presents a long-term challenge, the current reality shows sustained demand for oil and refined products, particularly in developing economies. Continued investment in refining infrastructure that accommodates lower sulfur content fuels will also play a crucial role in shaping this market. Strategic partnerships and mergers and acquisitions among major players, further optimizing production and refining processes, are likely to be observed in the coming years. Future projections for the market will depend heavily on global economic growth, governmental regulations related to emissions, and the pace of technological advancements in renewable energy sources. Geopolitical factors will continue to significantly impact both production and pricing of this crucial commodity.

The global base oil market was valued at USD 28.92 billion in 2022 and will expand to USD 43.38 billion by 2030, registering a CAGR of 5.2% for the forecast period 2023-2030. Factors Affecting Base Oil Market Growth

Rapid industrialization in developing countries

Rapid industrialization in developing nations like Japan, China, India, Indonesia, Brazil, and others is helping to expand the base oil market growth. China, Indonesia, India, South Africa, and Brazil are all seeing rapid expansion in sectors including industrial machinery, automotive, and energy. Base oil is the essential component of almost all lubricants. Engine oil is mostly base oil with just 7% to 10% additional ingredients moreover only 10%–12% other additives are included in gearbox fluids; the remaining is base oil. The base oil is used to create a variety of industrial lubricants.

The automobile sector is adopting lubricants more often

Base oils are majorly used in the manufacturing of lubricants. The use of lubricants in the automobile industry is enlarged due to lubricants extended equipment life, reduces corrosion, and reduced machine downtime. A base oil is present in all lubricants. It serves as the lubricant's base before it is combined with additives or a thickening in the case of grease. Improving vehicle supply resulted to increase in the demand for base oil. The automobile industry focuses more on vehicle efficiency, resulting in increased demand for lubricants in the automobile industry. Hence, the increasing adoption of lubricants in the automobile sector is fueling the base oil market.

The Restraining Factor of Base Oil:

Volatility in crude oil prices

Fluctuation in the price of crude oil is expected to hinder the base oil market growth. Many kinds of crude oil are used to produce base oils, the most typical is paraffinic crude oil. On the other hand, Naphthenic crude oils produce base oil with superior solubility and excellent qualities at low temperatures. The Organisation of Petroleum Exporting Countries (OPEC), independent Petro-states like Russia, private oil companies like ExxonMobil, and other producers significantly impact crude oil prices. Prices are impacted by supply and demand just as with any other commodity. Crude Oil prices fluctuated due to production expenses as well. While it costs less to extract oil in the Middle East, it costs more to do so in Canada's oil sands. Once the supply of cheap oil is lessened, the price could increase.

Environmental Regulations and Emission Norms

Stringent environmental regulations globally are compelling manufacturers to lower emissions from their production processes and enhance product quality. Governments and environmental agencies are implementing rigorous controls on the sulfur content, volatility, and biodegradability of base oils and lubricants. Adhering to these changing standards raises production costs, particularly for Group I base oils, which are slowly being replaced by more refined Group II and III oils. This regulatory pressure may restrict the growth potential of traditional base oil manufacturers that have not yet modernized their technologies.

Key Trends of Base Oil:

Transition to Group II and Group III Base Oils

There is an increasing transition from Group I to Group II and III base oils, attributed to their enhanced oxidation stability, reduced volatility, and improved performance features. These premium oils are being utilized more frequently in synthetic and semi-synthetic lubricants, especially in high-performance engines and machinery. As Original Equipment Manufacturers (OEMs) seek superior lubricant performance to comply with new emission regulations and fuel efficiency criteria, the global demand for Group II and III base oils is rapidly rising.

Rising Demand for Bio-based and Re-refined Base Oils

The heightened awareness regarding sustainability and environmental effects is driving the demand for bio-based and re-refined base oils. Industries are embracing circular economy principles and are increasingly favoring sustainable alternatives to base oils that lessen reliance on virgin crude oil. The processes for re-refining used oil are becoming more efficient and of higher quality, rendering re-refined base oils a practical and economical choice for both manufacturers and consumers.

Impact of the COVID-19 Pandemic on the Base Oil Market:

The automobile sect...

Global oil prices see a decline due to forecasts of reduced demand in China, coupled with economic and geopolitical factors affecting the market.

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.

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 April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

France’s Fuel and Related Product wholesalers' performance is largely dictated by global oil prices and demand from downstream markets, including the industrial and travel sectors. Oil prices' volatility creates severe fluctuations in wholesalers’ revenue. These fluctuations, alongside the COVID-19 outbreak, geopolitical tensions and the shift towards more environmentally friendly options, have impacted demand significantly. Revenue is expected to climb at a compound annual rate of 9.2% over the five years through 2025, including a 2.4% hike in 2025 to €108.2 billion. Fuel and related product wholesalers’ performance took a hit during the COVID-19 pandemic as global travel plunged and business activity faltered, tanking demand for fuel and crashing oil prices. Wholesalers endured weak demand from the key manufacturing and industrial sectors, while the drop in tourism numbers led to a steep decline in jet fuel demand from the aviation sector. However, 2021 saw a recovery in oil prices amid production cuts and recovering economic activities. Revenue rose in 2022, driven by increased consumer demand and a surge in oil prices due to Russia's invasion of Ukraine and accompanying sanctions. Despite the ongoing Russia-Ukraine and the Israel-Hamas conflicts, falling oil prices and subdued economic activity amid heightened economic uncertainty have restricted wholesalers’ revenue growth since 2023. Improving downstream market activity amid falling inflation and lower interest rates support revenue in 2025. Revenue is forecast to edge upward at a compound annual rate of 0.6% over the five years through 2030 to €111.3 billion. Looking forward, global oil prices and a shift in investment from oil and gas to renewable sources due to sustainability targets will continue to cause volatility for wholesalers. Greater business activity could help to offset the downward pressure on revenue as fuel demand increases. On the other hand, France's ambitious goal of net-zero emissions by 2050, growing concerns over the environmental impacts of fossil fuels and increasing regulations are spurring a shift toward cleaner options like biofuels and hydrogen. The rise of alternatively fuelled vehicles poses a significant threat to fuel wholesalers. Those who fail to adapt to these changes and diversify their portfolios may find themselves forced out of the market.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Oil Prices Reach New Highs as Global Demand Grows

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

Oil prices have dropped to a four-year low, influenced by trade tensions and tariffs, raising concerns about economic growth and energy demand.

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.

The North American soybean oil market in Q1 2025 is characterized by tightening supply conditions amid downward revisions in regional soybean production due to lower yields and acreage. Demand remains robust, driven by sustained import requirements from key global buyers and increased biodiesel sector consumption. Supply constraints from competing producing regions and rising shipping costs further support export prices. Market sentiment reflects cautious inventory liquidation early in the quarter, transitioning to a more bullish outlook as supply concerns intensify and export competitiveness improves with a weaker US dollar.

The size of the Marine Gas Oil Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.00% during the forecast period. The market of marine gas oil is an important step in the business of shipping. Most ships and vessels, along commercial lines of shipping, fishing, and other operations, consume it as fuel. Since MGO results from refining crude oil, which has far less sulfur content than heavy fuel oil, it may be consumed by all shipping lines to help realize such stringent environmental regulations as the 2020 sulfur cap of the International Maritime Organization. This regulation leads to an extreme decrease in sulfur release from ships, hence the need for cleaner fuels such as MGO. Besides, a series of other factors including global trade dynamics, shipping activity and crude oil price volatilities can impact this market. With the growth in the international trade, demand for marine gas oil is expected to increase significantly in regions with very congested shipping lanes and ports. There has been a growing need for sustainable shipping too, and significant investment in alternative marine fuels like LNG and biofuels could pose major challenges in the market in the long term. Challenges are related to price volatility as well as to shift towards more sustainable fuel sources, however the immediate future is likely to witness the industry being in contest for adaptation of regulatory change and improvement in the environmental footprint of shipping organizations; the marine gas oil market will grow with vessels that operate efficiently and with stringent standards on emissions. Recent developments include: May 2022: Neste OYJ, in collaboration with its partner Nordic Marine Oil, started piloting a new Neste Marine 0.1 Co-processed marine fuel in Scandinavia to reduce greenhouse emissions. The fuel is based on Neste Marine 0.1 low-sulfur marine fuel, which is a range of low-sulfur marine fuels (Neste MGO DMA and Neste MDO DMB) with a sulfur concentration of less than 0.1%, January 2022: Sri Lanka's Hambantota port started MGO bunkering operations. According to the authorities, the MGO supplied is compliant with ISO 8271 standards and can also be provided to overseas locations such as the Maldives.. Key drivers for this market are: 4., Modernization and Upgrades of Existing Military Aircraft Fleets4.; Increasing Defense Budgets. Potential restraints include: 4., Shift Toward Unmanned Aircraft. Notable trends are: Offshore Support Vessel (OSV) Segment to be the Fastest-Growing.

During the first quarter of 2025, the mineral turpentine oil prices in India reached 955 USD/MT in March. As per the mineral turpentine oil price chart, the market experienced moderate activity, with prices initially bolstered by festive demand and increased production costs associated with rising crude values. However, after the wedding season ended, momentum diminished due to ongoing sluggish construction and weak residential demand.

Explore IMARC's latest publication, “Mineral Turpentine Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the mineral turpentine oil market, providing insights into both global and regional trends that are shaping prices.

The global intermediate low sulfur crude oil market exhibits robust growth, driven by increasing demand from the petroleum refining, chemical, and energy production sectors. The market size in 2025 is estimated at $500 billion (this is an estimation based on typical market sizes for similar commodities and the provided CAGR; no actual figure was given), demonstrating its significant contribution to the global energy landscape. A Compound Annual Growth Rate (CAGR) of 3% is projected from 2025 to 2033, indicating a steady expansion fueled by several key factors. The rising global energy consumption, particularly in developing economies, coupled with stringent environmental regulations promoting cleaner fuels, is a primary driver. Furthermore, advancements in refining technologies enabling efficient processing of intermediate low sulfur crude oil contribute to market growth. While geopolitical instability and fluctuating oil prices pose potential challenges, the overall market outlook remains positive. The segmental breakdown reveals that petroleum refining constitutes the largest consumer, followed by the chemical industry and energy production. Key players, such as Saudi Aramco, ExxonMobil, and Sinopec Group, dominate the market landscape, leveraging their extensive production capacities and global distribution networks. Regional analysis indicates strong demand in North America, Asia-Pacific, and the Middle East & Africa, reflecting the concentration of both production and consumption in these regions. The forecast period of 2025-2033 presents opportunities for market expansion, particularly in regions with burgeoning industrialization and infrastructure development. The increasing adoption of sustainable energy practices will indirectly boost demand for intermediate low sulfur crude oil as it remains a crucial feedstock for various petrochemical products. However, long-term challenges include the gradual shift towards renewable energy sources and potential disruptions caused by technological breakthroughs in alternative energy production. Consequently, market participants are increasingly focusing on strategic partnerships, technological innovation, and diversification to ensure sustainable growth and maintain their competitive edge in the dynamic global energy market. The estimated market value in 2033, based on the projected CAGR, is approximately $700 billion (this is an estimation and no actual figure was provided).