The value added by the U.S. oil and gas extraction industry amounted to 257.03 billion U.S dollars in 2023. This was a notable decrease from the previous year, but an increase compared to before 2021 which saw a decline in oil product demand due to pandemic-induced lockdowns. Energy supply fears in the wake of the Russia-Ukraine war as well as a return to pre-pandemic level economic activity are partly responsible for the increase in value added noted in 2022. The close connection between 'value added' and crude oil prices The term 'value added' here refers to the difference between the industry's gross output and the cost of production. In the oil and gas industry, the annual value added is majorly influenced by the impact of world market developments on crude oil prices. As these prices underlay market speculation they are especially volatile. For example, the peak in value added recorded in 2022 comes as domestic first purchase prices for crude oil in the U.S. saw a major increase to over 90 U.S. dollars per barrel, benefiting producers in the country. In 2023, the price was nearly 76 U.S. dollars per barrel. Oil and gas industry's contributions to U.S. GDP Producing sectors have historically been a major contributor to the country's gross domestic product. However, as technological advancements have strengthened the service industry, the role of producing sectors declined. In 2023, mining (which includes oil and gas extraction) contributed 380.9 billion U.S. dollars to U.S. coffers. This made it the third smallest contributing just sector ahead of utilities and agriculture.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. 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.

Russia Structure of Retail Price: Sunflower Oil: Total Production Cost data was reported at 45.850 % in 2017. This records a decrease from the previous number of 46.610 % for 2016. Russia Structure of Retail Price: Sunflower Oil: Total Production Cost data is updated yearly, averaging 45.865 % from Dec 2008 (Median) to 2017, with 10 observations. The data reached an all-time high of 53.150 % in 2010 and a record low of 39.060 % in 2013. Russia Structure of Retail Price: Sunflower Oil: Total Production Cost data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Russia Premium Database’s Prices – Table RU.PF001: Structure of Retail Price: Food Products: Annual.

Graph and download economic data for Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211U100000000) from 1987 to 2024 about extraction, unit labor cost, mining, oil, NAICS, gas, and USA.

Oman Government Expenditure: Civilian: Oil Production data was reported at 329.000 OMR mn in 2017. This records a decrease from the previous number of 379.100 OMR mn for 2016. Oman Government Expenditure: Civilian: Oil Production data is updated yearly, averaging 119.300 OMR mn from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 484.600 OMR mn in 2014 and a record low of 76.200 OMR mn in 1991. Oman Government Expenditure: Civilian: Oil Production data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Oman – Table OM.F003: Government Revenue and Expenditure: Annual .

Russia Avg Producer Price: OKPD2: Energy: Crude Oil data was reported at 18,161.830 RUB/Ton in Dec 2020. This records an increase from the previous number of 17,041.750 RUB/Ton for Nov 2020. Russia Avg Producer Price: OKPD2: Energy: Crude Oil data is updated monthly, averaging 18,193.455 RUB/Ton from Jan 2017 (Median) to Dec 2020, with 48 observations. The data reached an all-time high of 25,535.580 RUB/Ton in Nov 2018 and a record low of 4,094.660 RUB/Ton in May 2020. Russia Avg Producer Price: OKPD2: Energy: Crude Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.RBL008: Average Producer Price: Energy. [COVID-19-IMPACT]

Global palm fruit oil market: In 2015, the countries with the highest levels of production in 2015 were Indonesia, Malaysia, Thailand, together accounting for 86% of total output.

■Purpose and Overview This grant is a project to develop various human resources in oil and gas producing countries that will contribute to strengthening relations between our country and its partners (Hereinafter referred to as the "Oil and Gas Producing Countries Advanced Human Resource Development Support Program".). and projects to transfer our country's advanced technologies, upgrade infrastructure and equipment of the oil industry, and conduct surveys for oil and combustible natural gas development (Hereinafter referred to as "Oil and Gas Producing Countries Business Environment Improvement Project".). Our country and to secure a stable and affordable supply of oil and combustible natural gas. 」 Yes. (taken from the grant outline)

■ Eligibility: private sector must meet the following requirements: * For consortium-style applications, you must select an organizer and the organizer must submit a business proposal. (However, the organizer cannot entrust all the work to another person.) A joint application by a Japanese subsidiary and a local subsidiary is also possible. (Please refer to the following for the requirements for managing entities and joint applicants.) In such case, grant shall be delivered to the managing director or the joint applicant (limited to Japanese corporations) and distributed from the managing director or the joint applicant (limited to Japanese corporations) to the local subsidiaries, and the fees, etc. pertaining to such distribution shall not be subject to the subsidy.

(1) Eligibility to apply for sole proprietor position (1) Must be based in Japan. (2) The Company has the organization, personnel, etc. to perform the Business properly. (3) The applicant has a management base necessary for the smooth execution of the Project and sufficient management capability for funds, etc. (4) The applicant is not subject to suspension of grant issuance, etc. or suspension of designation from the Ministry of Economy, Trade and Industry. (5) To cooperate with the Ministry of Economy, Trade and Industry's efforts on EBPM . () Evidence-Based Policy Making (EBPM) refers to making policy planning based on evidence after clarifying policy objectives, rather than relying on ad hoc anecdotes. The promotion of EBPM, which selects effective policies based on accurate analysis of various statistics given limited budget for grants resources, has been included in the government's Basic Policies for Economic and Fiscal Management and Reform every year since 2017, and is expected to increase in importance going forward.

(2) Eligibility to apply as a non-managing entity (Hereinafter, "joint applicant") when applying jointly (1) Must be established in Japan or, in the case of a local entity, must meet one of the following requirements: (i) Overseas Subsidiaries of the Manager or Joint Applicant (limited to Japanese corporations) (Japanese ownership of 10% or more) (ii) Overseas Subsidiaries of the Manager or Joint Applicant (limited to Japanese corporations) (Overseas Subsidiaries with Japanese ownership of more than 50% own more than 50%). (2) The Company has the organization, personnel, etc. to perform the Business properly. (3) The applicant has a management base necessary for the smooth execution of the Project and sufficient management capability for funds, etc. (4) The applicant is not subject to suspension of grant issuance, etc. or suspension of designation from the Ministry of Economy, Trade and Industry. (5) Cooperate with the Ministry of Economy, Trade and Industry's efforts on EBPM.

• the Ministry of Economy, Trade and Industry reserves the right, even after the application is accepted, to confirm the contents of the application and related documents if there are any misstatements or doubts about the contents of the application.

■ Remarks Number of votes to be adopted: No upper limit will be set, but only within the limits of budget for grants. Subsidy Rate/Amount: A flat rate or 2/3 or 1/2 within budget for grants of the direct costs required to carry out the project. budget for grants is approximately 3.2 billion JPY (2025 Government budget for grants Plan). The final content of implementation and the amount decided to be granted will be determined after coordination with the the Ministry of Economy, Trade and Industry.

■ Contact: 1 - 3 - 1, Kasumigaseki, Chiyoda-ku, Tokyo 100 -8901 Resources and Fuel Department, Agency for Natural Resources and Energy, the Ministry of Economy, Trade and Industry Resource Development Section: Matsuo, Nakamura E-mail: matsuo-yudai@meti.go.jp nakamura-taku1@meti.go.jp

■ Reference URL: (Agency for Natural Resources and Energy HP)

Russia Avg Producer Price: OKPD2: Oil & Gas: Crude Oil data was reported at 20,726.510 RUB/Ton in Jan 2019. This records a decrease from the previous number of 22,284.470 RUB/Ton for Dec 2018. Russia Avg Producer Price: OKPD2: Oil & Gas: Crude Oil data is updated monthly, averaging 17,421.010 RUB/Ton from Jan 2017 (Median) to Jan 2019, with 25 observations. The data reached an all-time high of 25,535.580 RUB/Ton in Nov 2018 and a record low of 13,024.070 RUB/Ton in Jul 2017. Russia Avg Producer Price: OKPD2: Oil & Gas: Crude Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Russia Premium Database’s Prices – Table RU.PB001: Average Producer Price: Mining and Quarrying.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine 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.

Indonesia Production: Petroleum Refinery: Value: Fuel Oil data was reported at 53,531.500 IDR bn in 2017. This records an increase from the previous number of 5,756.362 IDR bn for 2015. Indonesia Production: Petroleum Refinery: Value: Fuel Oil data is updated yearly, averaging 6,144.189 IDR bn from Dec 2004 (Median) to 2017, with 13 observations. The data reached an all-time high of 53,531.500 IDR bn in 2017 and a record low of 3,946.929 IDR bn in 2013. Indonesia Production: Petroleum Refinery: Value: Fuel Oil data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Indonesia Premium Database’s Energy Sector – Table ID.RBB001: Production: Petroleum Refinery.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 67.83 U.S. dollars per barrel as of August. This would be nine 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.

Global coconut oil market: In 2015, the countries with the highest levels of production in 2015 were the Philippines, Indonesia, India, together accounting for 77% of total output.

Graph and download economic data for Producer Price Index by Commodity for Metals and Metal Products: Oil Country Tubular Goods (OCTG), Standard, Line Pipe, Carbon (DISCONTINUED) (WPU10170671) from Dec 2010 to Feb 2017 about oil, metals, goods, commodities, PPI, inflation, price index, indexes, price, and USA.

Global rapeseed oil market: In 2015, the countries with the highest levels of production in 2015 were China, Germany, Canada, together accounting for 47% of total output.

Indonesia Production: Petroleum Refinery: Value: LSWR data was reported at 4,960.000 IDR bn in 2017. This records an increase from the previous number of 4,279.136 IDR bn for 2015. Indonesia Production: Petroleum Refinery: Value: LSWR data is updated yearly, averaging 8,845.980 IDR bn from Dec 2004 (Median) to 2017, with 13 observations. The data reached an all-time high of 12,236.052 IDR bn in 2005 and a record low of 4,279.136 IDR bn in 2015. Indonesia Production: Petroleum Refinery: Value: LSWR data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Indonesia Premium Database’s Energy Sector – Table ID.RBB001: Production: Petroleum Refinery.

The global production of palm oil was around ***** million metric tons in the marketing year 2023/24, decreasing from approximately ***** million metric tons in 2022/23. In that period, Indonesia and Malaysia were the leading exporters of palm oil worldwide. Leading palm oil producers Palm oil grows mainly in Asia, Africa and Latin America. Indonesia and Malaysia are the main palm oil producers, followed by Thailand, Colombia, and Nigeria. Unsurprisingly, Indonesia and Malaysia have the largest certified area planted with palm trees. In 2017, the Roundtable on Sustainable Palm Oil (RSPO) certified area planted with palm trees in Indonesia reached *** million hectares, up from **** million hectares in 2016. Global market Import volume of palm oil has increased worldwide over the past few years. According to the World Bank, in 2021, the average price for palm oil stood at ***** nominal U.S. dollars per metric ton. It is expected to drop to about ***** nominal U.S. dollars per metric ton by 2024.

Russia Avg Producer Price: OKPD2: Energy: Residual Fuel Oil data was reported at 12,754.740 RUB/Ton in Jan 2019. This records a decrease from the previous number of 12,918.490 RUB/Ton for Dec 2018. Russia Avg Producer Price: OKPD2: Energy: Residual Fuel Oil data is updated monthly, averaging 9,745.460 RUB/Ton from Jan 2017 (Median) to Jan 2019, with 25 observations. The data reached an all-time high of 16,532.910 RUB/Ton in Oct 2018 and a record low of 7,563.060 RUB/Ton in May 2017. Russia Avg Producer Price: OKPD2: Energy: Residual Fuel Oil data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.RBL008: Average Producer Price: Energy.

The Globalisation Statistics database contains figures on foreign affiliates (inward investment) by investing country in the manufacturing sector covering variables such as number of enterprises, total employees, gross output, imports/exports, gross fixed capital formation and Research and Development expenditures and also presents data on inward and outward investment for services.

Measuring Globalisation is split into a number of datasets:

Activity of Multinationals in Manufacturing and Activity of Multinationals in services: provide comprehensive data on the industrial activity (manufacturing, service) of multinationals in OECD. It covers variables such as production, employment, research and trade, inward as well as outward investment. It also includes some international trade indicators that provide cross-disciplinary background information.

Maritime Transport Costs: this comparative table includes statistics on bilateral maritime transport costs for 43 importing countries including EU15 countries as a custom union and 218 countries of origin at the detailed commodity 6 digit level of the Harmonised System 1988. The table is further broken down by type of goods (agriculture, raw materials, crude oil, manufacturing), commodity (oil seed, vegetable, organic chemicals), transport cost measures (ad valorem transport, unit transport cost) and transport mode (containers, dirty bulk). Data are available from 1991 onwards.

Trade by Enterprise Characteristics (TEC) database: contains international annual trade data broken down in different categories of enterprises. It aims to provide a solid basis for analysts who explore in the context of globalisation the characteristics of trade actors.

These data were first provided by the UK Data Service in March 2004.

The gross output of the U.S. oil and gas extraction industry stood at 478.75 billion U.S. dollars in 2023, up from 652.94 billion dollars in the previous year. Gross output saw a net increase since 2017 and generally reflect changes in crude oil prices and underlying world market developments. Growth in industry's value added Taking into account the cost of services and goods used during production, the industry's value added has increased along greater gross output. In 2023, value added by the U.S. oil and gas extraction industry climbed to over 250 billion U.S. dollars. Trends in domestic oil production Domestic oil production has grown exceptionally since technological advances and historically high oil prices made shale mining profitable. Between 2008 and 2023, U.S. oil production increased nearly three-fold, reaching a new peak in the latter year.