Learn about the factors that affect the spot price of oil, including global supply and demand, geopolitical events, and the ongoing COVID-19 pandemic, and why monitoring these factors is crucial for industry professionals and the general public.

Bolivia Weighted Average Price: Oil Derivatives: Kerosene data was reported at 2.720 BOB/l in 2023. This stayed constant from the previous number of 2.720 BOB/l for 2022. Bolivia Weighted Average Price: Oil Derivatives: Kerosene data is updated yearly, averaging 2.720 BOB/l from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 2.720 BOB/l in 2023 and a record low of 0.880 BOB/l in 1992. Bolivia Weighted Average Price: Oil Derivatives: Kerosene data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

Crude Oil fell to 59.17 USD/Bbl on December 2, 2025, down 0.25% from the previous day. Over the past month, Crude Oil's price has fallen 3.08%, and is down 15.40% 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 December of 2025.

Bolivia Weighted Average Price: Oil Derivatives: Gasoline: Premium: 90 to 95 RON data was reported at 4.790 BOB/l in 2023. This stayed constant from the previous number of 4.790 BOB/l for 2022. Bolivia Weighted Average Price: Oil Derivatives: Gasoline: Premium: 90 to 95 RON data is updated yearly, averaging 4.790 BOB/l from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 5.010 BOB/l in 2002 and a record low of 2.470 BOB/l in 1992. Bolivia Weighted Average Price: Oil Derivatives: Gasoline: Premium: 90 to 95 RON data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

Bolivia Weighted Average Price: Oil Derivatives: Gasoline: 80 to 85 RON data was reported at 3.740 BOB/l in 2023. This stayed constant from the previous number of 3.740 BOB/l for 2022. Bolivia Weighted Average Price: Oil Derivatives: Gasoline: 80 to 85 RON data is updated yearly, averaging 3.740 BOB/l from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 3.740 BOB/l in 2023 and a record low of 1.690 BOB/l in 1992. Bolivia Weighted Average Price: Oil Derivatives: Gasoline: 80 to 85 RON data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

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.

Bolivia Weighted Average Price: Oil Derivatives: Jet Fuel: Imported data was reported at 25.510 BOB/gal in 2023. This records a decrease from the previous number of 28.610 BOB/gal for 2022. Bolivia Weighted Average Price: Oil Derivatives: Jet Fuel: Imported data is updated yearly, averaging 16.935 BOB/gal from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 30.190 BOB/gal in 2012 and a record low of 0.000 BOB/gal in 2011. Bolivia Weighted Average Price: Oil Derivatives: Jet Fuel: Imported data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

Brent fell to 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% compared to the same time last year, 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 December of 2025.

This provides data for Gyeonggi-do among the average price information for gas stations by city and county published by Opinet (https://www.opinet.co.kr/user/custapi/custApiInfo.do). It provides the average price and daily fluctuation value by product by city and county. This data records the average price and daily fluctuation value of major oil products (B034, C004, D047, K015, etc.) sold at gas stations in each city and county in Gyeonggi-do. The main items are 'city and county name', 'product type', 'average price', and 'daily fluctuation value', and it can be used for various policies and research analyses such as regional fuel price comparison, energy market trend analysis, and understanding the effect of fuel tax fluctuations. The product type indicates various fuel types such as gasoline, diesel, LPG, and premium gasoline, and the fluctuation value provides the previous day's price change in numerical form, which is useful for time series change analysis. It can be used for data-based decision-making such as fuel cost burden of specific cities and counties, gas station operation strategies, and public transportation policy establishment.

Bolivia Weighted Average Price: Oil Derivatives: Jet Fuel: National data was reported at 10.490 BOB/gal in 2023. This stayed constant from the previous number of 10.490 BOB/gal for 2022. Bolivia Weighted Average Price: Oil Derivatives: Jet Fuel: National data is updated yearly, averaging 10.490 BOB/gal from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 10.720 BOB/gal in 2004 and a record low of 4.000 BOB/gal in 1996. Bolivia Weighted Average Price: Oil Derivatives: Jet Fuel: National data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

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.

Bolivia Weighted Average Price: Oil Derivatives: Liquefied Average Petroleum Gas data was reported at 2.250 BOB/kg in 2023. This stayed constant from the previous number of 2.250 BOB/kg for 2022. Bolivia Weighted Average Price: Oil Derivatives: Liquefied Average Petroleum Gas data is updated yearly, averaging 2.250 BOB/kg from Dec 1992 (Median) to 2023, with 32 observations. The data reached an all-time high of 2.250 BOB/kg in 2023 and a record low of 1.100 BOB/kg in 1992. Bolivia Weighted Average Price: Oil Derivatives: Liquefied Average Petroleum Gas data remains active status in CEIC and is reported by National Statistics Institute. The data is categorized under Global Database’s Bolivia – Table BO.P002: Weighted Average Price: Oil Derivates.

The global oil and gas separation market is anticipated to register a CAGR of 4.70% during the forecast period of 2025-2034.

View market daily updates and historical trends for WTI Crude Oil Spot Price. Source: Energy Information Administration. Track economic data with YCharts …

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The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 63.58 U.S. dollars per barrel in 2025, according to an August 2025 forecast. This would be a decrease of roughly 13 U.S. dollar compared to the previous year. In the first eight months of 2025, weekly crude oil prices largely stayed below 70 U.S. dollars per barrel amid trade tariffs and an 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.

Japan TRI: Closing Price: Oil & Coal Products data was reported at 1,731.570 JPY in Apr 2020. This records an increase from the previous number of 1,690.960 JPY for Mar 2020. Japan TRI: Closing Price: Oil & Coal Products data is updated monthly, averaging 1,661.340 JPY from Apr 2011 (Median) to Apr 2020, with 109 observations. The data reached an all-time high of 3,687.340 JPY in Sep 2018 and a record low of 1,078.500 JPY in Jul 2012. Japan TRI: Closing Price: Oil & Coal Products data remains active status in CEIC and is reported by Japan Exchange Group. The data is categorized under Global Database’s Japan – Table JP.Z016: Tokyo Stock Exchange: Total Return Index.

The global oil field drill bits market is valued at USD 17,810.5 million in 2025 and is projected to grow to USD 29,011.5 million by 2035, reflecting a CAGR of 5.0% over the forecast period.

Metric	Value
Market Size in 2025	USD 17,810.5 Million
Projected Market Size in 2035	USD 29,011.5 Million
CAGR (2025 to 2035)	5.0%

Country Wise Outlook

Country	CAGR (2025 to 2035)
USA	5.1%

Country	CAGR (2025 to 2035)
UK	4.8%

Region	CAGR (2025 to 2035)
European Union (EU)	5.0%

Country	CAGR (2025 to 2035)
Japan	4.9%

Country	CAGR (2025 to 2035)
South Korea	5.1%

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-11-03 about crude, oil, Europe, commodities, and price.

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