Explore the complex factors impacting crude oil prices, including geopolitical events, supply-demand dynamics, technological advancements, and economic trends. Understand how major producers like OPEC+, global economic health, and the shift towards renewable energy influence the future of oil markets.

Provides annual, quarterly, and monthly prices back to 1976 for gasoline , heating oil, and diesel fuel. Also provides annual prices from 1968 and quarterly and monthly prices from 1974 for imported crude oil. Based on Form EIA-878 data.

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.

Crude Oil fell to 64.78 USD/Bbl on July 1, 2025, down 0.50% from the previous day. Over the past month, Crude Oil's price has risen 3.62%, but it is still 21.77% lower than a year ago, 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 July of 2025.

Heating Oil fell to 2.24 USD/Gal on June 30, 2025, down 3.10% from the previous day. Over the past month, Heating Oil's price has risen 8.54%, but it is still 14.42% lower than a year ago, 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 June of 2025.

On June 23, 2025, the Brent crude oil price stood at 70.98 U.S. dollars per barrel, compared to 68.51 U.S. dollars for WTI oil and 76.19 U.S. dollars for the OPEC basket. OPEC prices rose that week following expected supply constraints related to the Israel-Iran conflict.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 (whereby a contract is agreed upon, while the 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.

This dataset contains Oil price short term forecast, including STEO and historical from 2016-2022. Data from U.S. Energy Information Administration. Follow datasource.kapsarc.org for timely data to advance energy economics research.

Brent fell to 66.38 USD/Bbl on July 1, 2025, down 0.53% from the previous day. Over the past month, Brent's price has risen 2.71%, but it is still 23.02% 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 July of 2025.

The Oil and Gas CAPEX Outlook size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 4.27 % during the forecasts periods.The Oil and Gas CAPEX outlook refers to the projected investment patterns and expenditure forecasts within the oil and gas sector over a defined timeframe. CAPEX in this context encompasses spending on exploration, development, and production activities essential for maintaining and expanding oil and gas reserves, as well as investments in infrastructure like pipelines, refineries, and LNG facilities. This outlook is influenced by several factors, including global oil supply and demand dynamics, geopolitical developments affecting oil prices, advancements in technology, regulatory frameworks, and environmental considerations. In recent years, fluctuations in oil prices and market volatility have significantly shaped the oil and gas CAPEX outlook, influencing investment decisions across the industry's value chain. Higher oil prices typically lead to increased CAPEX as companies seek to boost production and explore new reserves. Conversely, during periods of price downturns or volatility, CAPEX may be curtailed as companies prioritize cost-cutting measures and efficiency enhancements. Looking forward, the oil and gas CAPEX outlook is increasingly influenced by the global shift towards cleaner energy practices. This includes investments in renewable energy ventures, carbon capture and storage technologies, and initiatives aimed at reducing carbon emissions. As governments worldwide enforce stricter environmental regulations and set targets for carbon neutrality, oil and gas firms are adjusting their CAPEX strategies to align with these objectives while maintaining profitability and operational robustness. Recent developments include: In January 2023, Cairn Oil & Gas, Vedanta Limited, one of the major oil and gas exploration and production companies in India, signed a proposal for USD 2.5 billion investment in the oil and gas sector. Cairn Vedanta has started exploration and other development works in the Petroleum Exploration Licence (PEL) and Petroleum Mining Lease (PML) blocks in Barmer and Jalore districts, Rajasthan., In February 2022, the Government of India owned Public Sector Units (PSUs) such as Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation Limited (IOCL), GAIL (India) Ltd., Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited (HPCL) announced USD 14.5 billion, as part of center's massive spending on an expansion drive to spur economic growth.. Key drivers for this market are: 4., Increasing Demand for Natural Gas and Developing Gas Infrastructure 4.; Increasing Offshore Oil & Gas Exploration Activities. Potential restraints include: 4., Adoption of Cleaner Alternatives4.; High Volatility of Crude Oil Prices. Notable trends are: Upstream Sector to Dominate the Market.

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.

Graph and download economic data for Breakeven Fiscal Oil Price for Iraq (IRQPZPIOILBEGUSD) from 2004 to 2025 about Iraq, REO, oil, government, and price.

Learn about the factors that influence crude oil prices and how they have fluctuated over the years, from record highs in 2008 to the significant decline caused by the COVID-19 pandemic in 2020. Discover the key drivers of price volatility and the future outlook for crude oil prices.

During the Q2 of 2024, the price of white oil in the United States reached 1638 USD/MT in June. The U.S. market exhibited stability, driven by a steady supply-demand outlook and regular refinery functions. Despite fluctuating rates of crude oil and minor geopolitical conflicts, the market remained resilient, with only slight seasonal price variations due to increased demand for cosmetic products during summer. In confluence with this, prices remained static compared to earlier quarters, reflecting a dependable pricing environment, ensuring minimal disruption in the white oil market.

The IEA is the energy institute expecting the highest oil surplus for 2025. As demand outlooks remain modest, robust production output throughout 2024 is expected to result in some form of oil surplus, which would also impact oil prices. Woodmac was the only energy institute surveyed that did not see a surplus for the year. Production growth amid lower demand expectations The expected surplus in 2025 is largely attributed to non-OPEC production growth from major producers such as the United States and newcomers like Guyana. Overall, worldwide liquid fuels production could see a steep increase in the first half of 2025, if producers like OPEC stick to their output plans. This would come in spite of modest consumption expectations. Again, the IEA is the institute predicting the lowest growth in global oil demand when compared to other industry bodies such as the EIA and OPEC. Forecasting centers diverge in opinion on oil future Not only near-term, also long-term oil demand projections have become increasingly divergent among major energy institutions. OPEC's 2024 outlook expects global oil demand to surpass 113 million barrels per day by 2030, while the IEA's stated policies scenario anticipates demand reaching only 101.7 million barrels per day in the same year. Diesel and gasoil currently account for the largest share of oil product demand at 28.38 percent, though this is expected to decrease slightly by 2050. Jet fuel and kerosene are projected to see the greatest increase in demand shares over the coming decades.

Graph and download economic data for Oil Real GDP Growth in Constant Prices for Iran, Islamic Republic of (IRNNGDPORPCHPT) from 2000 to 2025 about Iran, REO, oil, real, GDP, and rate.

Oil prices faced volatility with rising US crude inventories and geopolitical tensions affecting the market. WTI and Brent crude saw initial gains reduced, influenced by supply dynamics and geopolitical factors.

Palm Oil rose to 3,993 MYR/T on July 1, 2025, up 0.15% from the previous day. Over the past month, Palm Oil's price has risen 2.97%, but it is still 2.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on July of 2025.

Oil prices are expected to hover around $70 by 2025 due to ample supply and weak demand, influenced by China's demand and global production increases.

As of the fourth quarter of 2024, oil prices in the United Kingdom stood at 74 dollars per barrel, with prices expected to rise to 76.6 dollars a barrel in early 2025, before gradually falling in subsequent quarters.

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.