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

On August 18, 2025, the Brent crude oil price stood at 66.54 U.S. dollars per barrel, compared to 63.42 U.S. dollars for WTI oil and 68.21 U.S. dollars for the OPEC basket. Oil prices remained largely unchanged that week as economic expectations stayed low.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.

Crude Oil rose to 64.68 USD/Bbl on September 2, 2025, up 1.04% from the previous day. Over the past month, Crude Oil's price has fallen 2.44%, and is down 12.67% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on September of 2025.

Canadian drivers should expect to pay more at a gas station as economic conditions begin to improve after the pandemic.

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.

Gasoline prices in the U.S. are projected to fall below $3 a gallon this summer due to reduced demand, increased imports, and OPEC's production increase.

Crude oil and gasoline prices are experiencing mixed trends due to factors like the strong U.S. dollar, U.S.-Japan trade agreements, and changes in global oil production.

Historical oil and gas prices have been subject to numerous factors that have contributed to their fluctuations over time. This article explores the geopolitical, economic, and technological factors that have shaped historical trends in the oil and gas market, highlighting the impact of events such as world wars, the formation of OPEC, the Arab oil embargo, the shale revolution, and more. Understanding these historical trends is crucial for analyzing the current and future dynamics of the oil and gas market

UK oil and natural gas production has sunk over the past decades as old oil and gas fields in the North Sea have matured and reached the end of their life cycle. At the same time, developing new commercially viable sources has become increasingly challenging, owing to the overall age of the North Sea basin and the fact that the most easily accessible deposits have already been extracted. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to just over £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices continuing in a downward trend. Profit is also slated to inch downward over the year to 8.3%. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which was extended until March 2025, with a ramping-up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries, threatening a glut in the oil market and a significant dip in global demand (especially from China), has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to just over £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.

As of July 2025, the average annual price of Brent crude oil stood at 71.79 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.

NN: OPEC: SCOP: Average: Congo: Djeno data was reported at 78.520 USD/Barrel in Oct 2018. This records an increase from the previous number of 76.180 USD/Barrel for Sep 2018. NN: OPEC: SCOP: Average: Congo: Djeno data is updated monthly, averaging 64.080 USD/Barrel from Jun 2017 (Median) to Oct 2018, with 17 observations. The data reached an all-time high of 78.520 USD/Barrel in Oct 2018 and a record low of 44.300 USD/Barrel in Jun 2017. NN: OPEC: SCOP: Average: Congo: Djeno data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries. The data is categorized under World Trend Plus’s Association: Oil and Gas Sector – Table RO.OPEC.CO: Crude Oil Price: Monthly.

Discover how a strengthening dollar and tempered trade optimism have led to a downturn in oil markets, impacting crude oil and gasoline prices.

The global gasoline market, a crucial segment of the broader petroleum industry, is characterized by significant dynamism and considerable influence from geopolitical events and evolving consumer behavior. While precise figures for market size and CAGR were not provided, a reasonable estimation, based on publicly available data from reputable sources such as the EIA and OPEC, suggests a 2025 market size in the range of $800 billion USD. This estimate considers factors such as global vehicle ownership, fuel efficiency standards, and economic growth rates in key regions. Growth is projected to be moderate, with a CAGR likely hovering around 2-3% between 2025 and 2033. Key drivers include persistent demand from the transportation sector, particularly in developing economies experiencing rapid motorization. However, growing environmental concerns and the push towards electric vehicles, alongside fluctuating crude oil prices and government regulations promoting alternative fuels, pose significant restraints. Market segmentation is primarily driven by gasoline type (regular, mid-grade, premium), sales channel (retail, wholesale), and geographical region. Major players in this fiercely competitive market include integrated oil companies such as Saudi Aramco, ExxonMobil, BP, Shell, and CNPC, along with national oil companies (NOCs) from various regions. These companies constantly compete on price, quality, and distribution networks. Trends indicate a shift towards higher-octane gasoline formulations to accommodate advanced engine technologies. Furthermore, the market is witnessing innovations in gasoline additives to improve fuel efficiency and reduce emissions, reflecting efforts to mitigate environmental impact. However, the transition towards electric vehicles and alternative fuels presents a long-term challenge, influencing future market projections and emphasizing the need for industry adaptation and innovation to ensure sustainable growth. The market’s future is intertwined with global energy policy and technological advancements in the automotive sector.

Consumers in Central African Republic paid the highest price for gasoline in Africa as of April 2025. One liter of the fuel cost on average 1.9 U.S. dollars in the country. In Senegal, the retail price for gasoline octane-95 reached on average 1.71 U.S. dollars per liter, the second-highest on the continent. On the other hand, consumers living in traditional crude oil producers in Africa, such as Nigeria, Algeria, Angola, Libya, and Egypt spent less money on gasoline. For instance, one liter cost 0.03 U.S. dollar in Libya, among the cheapest in the world.

Discover how escalating tariff woes are affecting oil prices, despite a larger-than-expected drawdown in U.S. gasoline stocks. Explore the interplay between global trade tensions and crude markets.

After some fluctuation in the oil industry's early years, where prices were incredibly high for that time period due to low supply, the cost of oil in the U.S. remained below five U.S. dollars per barrel in the century between the 1870s and 1970s. Due to the 1973 Arab-Israeli War, the Arab OPEC states then placed an embargo on Israel's allies, particularly the United States, which resulted in domestic prices almost doubling within two years. Less than a decade later, due to the Iranian Revolution, domestic prices in the U.S. more than tripled between 1978 and 1981. Domestic prices in the U.S. were very subject to those within the OPEC bloc, as OPEC-produced oil was often much cheaper than U.S. oil even after duties and transport fees were applied. U.S. production then fell from the 1980s to the 2010s, and high production costs were then passed on to consumers. Prices peaked between 2008 and 2013, at around 95 dollars per barrel, before the developments in unconventional oil industries, such as shale oil refinement, fracking, and horizontal mining, have seen prices fluctuate in recent years

The global crude oil market, valued at $3356.6 million in 2025, is projected to experience significant growth over the forecast period (2025-2033). While the precise CAGR is not provided, considering typical growth rates in the energy sector and recent market volatility, a conservative estimate of 2-4% CAGR seems plausible. This growth is fueled by several factors, including increasing global energy demand driven by industrialization and population growth in developing economies, particularly in Asia-Pacific. The transportation fuel segment remains the largest application area, consuming a substantial portion of global crude oil production. However, the petrochemical industry, utilizing crude oil derivatives like ethylene, butadiene, and benzene for plastics and other products, also contributes substantially to market demand. Furthermore, ongoing geopolitical events and evolving energy policies will continue to shape market dynamics, impacting prices and investment in upstream and downstream operations. Despite strong demand, the market faces several challenges. These include price volatility driven by geopolitical instability and supply disruptions, increasing pressure to transition to renewable energy sources, and concerns about the environmental impact of fossil fuels. The market is segmented by type (light distillates, light oils, medium oils, heavy fuel oil) and application (transportation fuel, petrochemicals including ethylene, acrylic, butadiene, benzene, toluene, and others). Major players such as Saudi Aramco, ExxonMobil, and BP dominate the market, leveraging their extensive production and refining capabilities. Regional distribution is geographically diverse, with North America, the Middle East & Africa, and Asia-Pacific representing significant consumption and production hubs. The competitive landscape is characterized by intense rivalry among major integrated oil companies and national oil companies. Strategic alliances, mergers, and acquisitions, and technological advancements will continue to reshape this dynamic and influential market.

The cost of diesel fuel in the United States reached an annual average of 3.76 U.S. dollars per gallon in 2024. This was a decrease compared to the previous year, when diesel sold for an average of 4.21 U.S. dollars per gallon. In 2022, increased economic activity and thus fuel demand combined with supply constraints following the Russia-Ukraine war, which resulted in a notable rise in monthly diesel prices Crude oil prices and their impact on motor fuel prices Motor fuel prices largely mirror major oil benchmarks, such as the OPEC reference basket, WTI, and Brent. As such, the oil glut in 2015 and 2016, which followed years of increased oil production output by the U.S., is largely responsible for the fall in diesel prices seen in those years. The same is true for the 2020 pandemic-induced oil crisis and fall in benchmarks that year. Diesel and gasoline price development The usage of diesel began in the 1930s, but until further development in the 1960s, diesel vehicles were mostly used commercially. In the U.S., diesel-powered cars remain a fairly small portion of the automobile market and diesel fuel consumption is far lower than gasoline consumption. In general, gasoline also tends to be more widely available than diesel fuel and usually sells for a lower retail price. However, diesel engines have better fuel economy than gasoline engines, and as such are often used for large commercial vehicles.

Crude oil prices are declining due to potential increases in Iraqi exports and OPEC+ production adjustments, amid EU sanctions on Russian oil.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 61.81 U.S. dollars per barrel in 2025, according to a May 2025 forecast. This would be a decrease of roughly 15 U.S. dollar compared to the previous year. In the first months weeks of 2025, weekly crude oil prices largely stayed below 70 U.S. dollars per barrel amid trade tariffs and expected economic downturn. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.