The price of refined petroleum per barrel is influenced by various factors, including the price of crude oil, supply and demand dynamics, global geopolitical events, and macroeconomic indicators. Understanding these factors is essential for policymakers, energy companies, and consumers to foresee and adapt to changes in petroleum prices.

Learn about the factors that influence the price per barrel of refined oil, including supply and demand dynamics, geopolitical events, economic conditions, and changes in production and refining capacities. Discover how global supply and demand balance, geopolitical events, economic conditions, and changes in production and refining capacities affect the price of refined oil products. Gain insights into the complexities of this dynamic market to make informed decisions on energy consumption and investments.

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some 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 a 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.

Sunflower Oil fell to 1,238 INR/10 kg on July 11, 2025, down 0.20% from the previous day. Over the past month, Sunflower Oil's price has fallen 0.13%, but it is still 35.94% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Sunflower Oil.

In May 2025, the average monthly price of the Urals crude oil, Russia's major export oil brand, was approximately ***** U.S. dollars per barrel, having decreased from the previous month. In 2020, the price of the Urals experienced a considerable decrease at the beginning of the year due to the coronavirus (COVID-19) pandemic, dropping to as low as **** U.S. dollars per barrel in April. What is the purpose of the Russian oil price cap? In early December 2022, the G7 (Canada, France, Germany, Italy, Japan, United Kingdom (UK), and the United States), the European Union (EU), and Australia formed the Price Cap Coalition and imposed a price cap of 60 U.S. dollars per barrel on oil originating in Russia. The aim of the price ceiling is to decrease Russia’s earnings from oil exports and thereby limit the Russian government’s budget to finance the war in Ukraine. At the same time, the cap is meant to ensure that Russia continues to supply oil to emerging economies, though at a discounted price. With the cap in place, Russia cannot sell oil at a higher price even to third countries if the oil tankers are financed or insured by members of the Price Cap Coalition. In early February 2023, a price cap of 100 U.S. dollars per barrel was imposed on Russian refined oil products. Global dependence on Russian oil China was Russia’s leading crude oil export destination, with the value of exports measured at nearly **** billion U.S. dollars in 2021. In physical terms, Russia supplied around *** million metric tons of crude oil to China in 2024, being the leading crude oil import origin in the country ahead of Saudi Arabia. Furthermore, European countries were major consumers of Russian oil prior to the war in Ukraine. For instance, Russia accounted for over ** percent of oil and petroleum products imported into Slovakia in 2020. To compare, the dependence rate stood at nearly ** percent in Lithuania, ** percent in Germany, and ** percent in the UK.

On July 7, 2025, the Brent crude oil price stood at 69.62 U.S. dollars per barrel, compared to 67.93 U.S. dollars for WTI oil and 69.92 U.S. dollars for the OPEC basket. Prices rose slightly that week, following signs of an increase in demand.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.

The cost of refining crude oil per barrel can vary depending on various factors such as the type of crude oil, the complexity of the refinery, location, and market conditions. This article explores the main factors that affect the cost of refining and provides insights into the average range of $3 to $5 per barrel. However, it emphasizes that actual costs can differ significantly due to specific circumstances.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. 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.

Urals Oil rose to 66.46 USD/Bbl on July 11, 2025, up 2.31% from the previous day. Over the past month, Urals Oil's price has risen 2.96%, but it is still 18.42% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

Petroleum refiners have experienced volatile conditions in recent years since crude oil is the primary input cost for refiners in the United States. Crude oil is a highly volatile commodity as a result of its sensitivity to microeconomic and macroeconomic factors, including volatile production, demand and the health of global economies. As petroleum refiners pass these prices to customers, industry returns see similar volatility. With an uptick in crude oil prices through 2025, industry revenue has pushed up at a CAGR of 16.5% to an estimated $821.8 billion, including a 3.3% dip in 2025 alone. The period started slow, as the pandemic weakened global productivity, cutting down the need for petroleum-based products like fuel. As the economy recovered, so did prices, allowing refineries to exhibit double-digit growth in 2021 and 2022. As prices came down, revenue eventually fell slightly. Nonetheless, these volatile conditions caused some companies to exit the industry. High barriers also discouraged new entrants, so most of the period was marked by expanding existing facilities rather than building new ones. This results in a high concentration of refineries, predominantly located along the Gulf Coast in Texas, Louisiana and California. Unlike standalone refiners, large integrated companies manage crude oil reserves to mitigate price volatility, maintaining stable profitability despite oil price fluctuations. Petroleum refiners face long-term challenges from the transition to green energy, driven by more investment in renewables and electric vehicle infrastructure from the Inflation Reduction Act. As the need for motor gasoline falls with the rise of electric cars, refineries may shift towards carbon capture technologies and chemical production to remain viable. While many refineries have closed recently, some may convert to renewable fuel facilities, as seen in Marathon's partnership with Nestle. Despite these challenges, the US remains a global leader in oil production, so refineries will still exhibit slight growth moving forward. Overall, revenue is set to push up at a CAGR of 0.5% through 2030, reaching $844.0 billion in 2030.

Algeria Export Price: Annual: Refined Petroleum Products data was reported at 313.500 USD/Barrel in 2023. This records an increase from the previous number of 97.400 USD/Barrel for 2022. Algeria Export Price: Annual: Refined Petroleum Products data is updated yearly, averaging 63.100 USD/Barrel from Dec 2001 (Median) to 2023, with 23 observations. The data reached an all-time high of 313.500 USD/Barrel in 2023 and a record low of 24.400 USD/Barrel in 2001. Algeria Export Price: Annual: Refined Petroleum Products data remains active status in CEIC and is reported by General Directorate of Customs. The data is categorized under Global Database’s Algeria – Table DZ.P002: Export Price of Hydrocarbon.

The US Oil and Gas Downstream Refining industry, currently exhibiting a Compound Annual Growth Rate (CAGR) of 0.97%, presents a complex landscape shaped by various factors. The market size, while not explicitly stated, can be reasonably estimated based on global trends and the prominence of US players. Considering the significant contribution of major companies like Marathon Petroleum Corp, Phillips 66, Valero Energy Corporation, Exxon Mobil Corporation, and Shell Plc, the market is likely in the hundreds of billions of dollars. Key drivers include increasing global energy demand, particularly in developing economies, and the ongoing shift towards more sophisticated refined products like petrochemicals. However, stringent environmental regulations, fluctuating crude oil prices, and the rise of renewable energy sources pose significant restraints. The industry is segmented into refining and petrochemicals, with the refining segment likely dominating due to the fundamental need for gasoline, diesel, and jet fuel. Growth in the petrochemicals segment is expected to be driven by the increasing demand for plastics and other chemical products. Regional analysis suggests strong performance in North America, driven by domestic production and consumption, while international markets, particularly in Asia Pacific and Europe, experience varying growth depending on local regulations and economic conditions. The forecast period (2025-2033) will see continued competition among established players, along with potential for consolidation and strategic partnerships. Further analysis reveals significant opportunities for growth within specialized refining technologies focusing on efficiency improvements and reduced emissions. The industry is actively pursuing innovations to mitigate environmental impact, including carbon capture and storage technologies. Government policies, including tax incentives for cleaner fuels and regulations aimed at reducing emissions, play a critical role in shaping industry trajectory. Furthermore, the fluctuating geopolitical landscape significantly influences crude oil prices and subsequently impacts profitability within the downstream refining sector. Therefore, strategic risk management and adaptation to evolving global dynamics are crucial for success in this sector. Recent developments include: In June 2024, the United States announced refining capacity expansion of around 1.5% to 18.38 million barrels per day (bpd) in 2023. The expansion in the capacity was due to the expansion of Exxon Mobil's Texas refinery.. Key drivers for this market are: 4., Increasing Demand for Petroleum Products4.; Upcoming Investment in the Refining Sector. Potential restraints include: 4., Increasing Demand for Petroleum Products4.; Upcoming Investment in the Refining Sector. Notable trends are: Refining Sector to Register a Modest Growth.

In 2024, Dubai Fateh had an average price of 79.61 U.S. dollars per barrel, down from the 82.09 U.S. dollars per barrel compared to the previous year. Dubai Crude (Fateh) oil price Dubai Crude (Fateh) is the most important crude oil benchmark for Asia. Dubai Crude originated in Dubai in the Persian Gulf. Another name for this crude oil is Fateh. The name Fateh comes from an offshore oil field, located some 60 miles from Dubai, and is, therefore, part of the United Arab Emirates. One of the advantages of Dubai Crude compared to other Persian Gulf crude oils, and a main reason why it is used as an oil marker, is its instant availability. Dubai Crude, behind West Texas Intermediate (WTI) and UK Brent, is one of the lighter crude oils. On the other hand, Dubai Crude contains some two percent of sulphur, and thus is part of the so-called sour crude oils. In comparison, UK Brent contains 0.37 percent of sulphur, which means it is a so-called sweet crude oil. The refining of sour and heavier oils is always more expensive than it is for sweeter and lighter oils. Dubai Crude, the same as OPEC oils, is mostly refined and traded in the Asian region. The other two crucial oil benchmarks are West Texas Intermediate (WTI), which is especially important for North America, and UK Brent (Brent Crude), which dominates the European oil market. Such benchmarks are essential for referencing the many types and grades of oil on the worldwide market.With the exception of the years 2009 and 2010, there was a stable increase in the price for one barrel of Dubai-Fateh crude oil in the last ten years, until 2015, when the price dropped by half. The mean price per barrel stood at approximately 24 U.S. dollars in 2002. By 2012, this price had increased to more than 109 U.S. dollars, but dropped to 51.20 U.S. dollars per barrel 2015.

The Ecuadorian oil and gas downstream industry, valued at $463.19 million in 2025, is projected to experience steady growth, driven by increasing domestic demand for refined petroleum products and petrochemicals. A compound annual growth rate (CAGR) of 2.93% from 2025 to 2033 indicates a positive outlook, although this growth is likely to be influenced by global oil price fluctuations and government policies impacting the sector. Key drivers include expanding industrialization and urbanization within Ecuador, leading to higher fuel consumption in transportation and manufacturing. The refineries and petrochemical plants segment dominate the market, with companies such as EP Petroecuador, Petroamazonas EP, Eni SpA, TotalEnergies, and Shell playing significant roles. However, challenges remain, including the need for modernization of existing infrastructure to enhance efficiency and environmental sustainability. Further, potential regulatory changes and investment in renewable energy sources could influence the industry's long-term trajectory. The focus will likely remain on refining capacity optimization to meet domestic demand, with some potential for export depending on regional market conditions. Government initiatives aimed at promoting energy security and diversifying the economy will significantly impact the industry's growth. The historical period (2019-2024) likely saw fluctuating performance due to global economic conditions and the impact of the COVID-19 pandemic on global energy demand. The forecast period (2025-2033) will hinge upon effective investment strategies by key players, adapting to evolving technological advancements, and effectively managing environmental concerns to ensure responsible and sustainable development within the sector. A strategic focus on improving operational efficiency and diversifying product offerings to cater to evolving market demands will be critical for sustained growth in the coming decade. Recent developments include: December 2023: Ecuador's state oil company, Petroecuador, stated that in the company's refinery segment, crude oil output surpassed 400,000 bpd for the first time since January 2021. In a statement, Petroecuador said crude oil production reached 401,852 barrels while barrels of oil equivalent reached 411,873, including natural gas and associated gas., October 2022: Ecuador launched a tender inviting investment in the modernisation and upgradation of its largest refinery, the 110,000 bbl/day capacity Esmeraldas refinery., February 2022: Ecuador's national oil company Petroecuador signed a 15-year contract for the receipt, storage, transport, and dispatch of petroleum products with Abastecedora Ecuatoriana de Combustibles. All fuels were expected to be handled by Petroecuador's infrastructure, which included pipelines, terminals, refineries, and the oil docks of Esmeraldas, La Libertad, and Tres Bocas.. Key drivers for this market are: 4., Increasing Demand for Refined Petroleum Products, Coupled with the Rise in Population, Urbanization, and Industrialization in Ecuador. Potential restraints include: 4., Increasing Demand for Refined Petroleum Products, Coupled with the Rise in Population, Urbanization, and Industrialization in Ecuador. Notable trends are: Refining sector is Expected to Witness a Significant Growth.

The price of Urals crude oil was recorded at 16.77 U.S. dollars per barrel below the benchmark Brent on September 20, 2023 (based on a rolling average of the past five days). The difference increased after a price cap on Russian oil was announced on December 2, 2022, and took effect on December 5, 2022, but it has been decreasing since end-March 2023. At the end of February 2022 and throughout March 2022, the discount rose significantly, reflecting the market reaction to the Russia-Ukraine war. In August 2023, the average price of Urals oil reached 74.5 U.S. dollars per barrel.

Russian oil price cap In December 2022, members of the G7, together with the European Union (EU) and Australia, limited the price of one barrel of Russian oil to 60 U.S. dollars in response to the war in Ukraine. The cap was planned to be reviewed every two months to reflect future market developments. The Russian government stated it would not supply oil to the countries imposing a price ceiling on its oil. While the effect of the ban on global oil prices is yet to be seen, it is expected that the ban would benefit other oil producing countries, as the EU would have to replace Russian supplies with other routes. Germany and Poland were the leading importers of Russian oil in the EU in 2021.

EU ban on Russian oil imports
The EU ban on Russian seaborne crude oil imports, announced in June 2022, took effect on December 5, 2022. Furthermore, refined petroleum products will be included from February 5, 2023. Even though the EU prohibited imports of Russian oil and refined products, it still allowed their transport to non-EU countries as long as they are purchased for 60 U.S. dollars per barrel or lower. As a result of the ban, Russia's oil production was forecast to decline to 438 million metric tons in 2022, down 10 percent from the previous year.

The Mexico Oil and Gas Downstream market, encompassing refineries and petrochemicals plants, presents a robust growth trajectory. With a market size exceeding (let's assume) $50 billion USD in 2025 and a Compound Annual Growth Rate (CAGR) exceeding 2%, the market is projected to reach approximately $60 billion USD by 2033. This growth is fueled by increasing domestic demand for refined petroleum products, driven by Mexico's expanding industrial sector and automotive industry. Furthermore, investments in petrochemical infrastructure are contributing significantly to market expansion, especially considering Mexico's strategic geographical location for export opportunities to North America. Key players like Petróleos Mexicanos (Pemex), Samsung Engineering, Fluor Corporation, and Grupo Idesa are actively shaping the market landscape, leveraging their expertise in refining and petrochemical production. However, the market also faces challenges. Government regulations regarding environmental protection and energy transition initiatives could potentially restrain market growth in the long term. Fluctuations in global crude oil prices and competition from international players also pose significant risks. Despite these challenges, the market's overall outlook remains positive, particularly for companies capable of adapting to evolving regulatory frameworks and implementing sustainable practices. The strategic focus on domestic consumption and regional export potential ensures continued growth in the coming decade, driving further investment and innovation within the sector. The segment breakdown between refineries and petrochemicals plants will likely see a relatively balanced growth, with both sectors benefiting from the overall market expansion and demand for both fuel and petrochemical feedstocks. Recent developments include: In December 2022, the Ecopetrol Group announced its investment plan for the energy transition. Out of the total share of investment, 7% will be invested in downstream activities. The investments will emphasize maintaining the reliability, availability, and sustainability of the Barrancabermeja and Cartagena refineries' operations to consolidate energy security, energy transition, and decarbonization of Mexico., In December 2022, Mexican NOC Pemex is set to begin production at the country's eighth refinery in mid-2023. Once completed, the Olmeca refinery will have an installed capacity of 340,000 barrels per day (BPD) and produce 170,000 barrels of petrol and 120,000 barrels of ultra-low-sulfur diesel.. Notable trends are: Refineries Segment to Witness Growth.

According to Cognitive Market Research, the global Crude Oil Desalter market size will be USD 2514.6 million in 2025. It will expand at a compound annual growth rate (CAGR) of 5.00% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1005.84 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 754.38 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 578.36 million in 2025 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2025 to 2033.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 125.73 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2025 to 2033.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 50.29 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2025 to 2033.
The Electrostatic Dehydrator segment category led the Crude Oil Desalter Market.

Market Dynamics of Crude Oil Desalter Market

Key Drivers for Crude Oil Desalter Market

Increasing global crude oil production and consumption

The global demand for crude oil continues to rise, driven by industrial growth, transportation needs, and energy consumption across multiple sectors. As economies recover and develop, particularly in emerging markets, oil consumption increases, leading to higher crude oil production levels. Additionally, geopolitical factors and technological advancements in extraction processes, such as hydraulic fracturing and deepwater drilling, are boosting production. The surge in demand for refined products, including petrochemicals, fuels, and lubricants, further accelerates the need for efficient desalting processes to improve crude oil quality and ensure smooth refining operations. For instance, In July 2022, Gemcorp signed a contract with state-owned Sonangol to build the 60,000 b/d capacity refinery. Phase 1 is expected to include a 30,000 b/d CDU with a crude oil desalter, kerosene treatment, and ancillary infrastructures including pipelines, a conventional buoy mooring system, and storage facility for over 1.2 million barrels.

Expansion of oil refineries in emerging economies

Emerging economies, especially in Asia, Africa, and the Middle East, are expanding their oil refinery infrastructure to meet the growing demand for refined petroleum products. The rise in population, urbanization, and industrial activities in these regions is contributing to an increase in energy consumption, driving the need for more sophisticated refining capacities. This expansion leads to a growing focus on improving the efficiency of refining processes, including crude oil desalting, to ensure higher quality output while meeting stringent environmental standards. Investment in new refineries and the modernization of existing facilities further boosts the adoption of advanced desalting technologies.

Restraint Factor for the Crude Oil Desalter Market

High cost of advanced veterinary ventilators limiting adoption in smaller clinics

The high cost of advanced veterinary ventilators is a significant barrier to their adoption, particularly in smaller veterinary clinics with limited budgets. These ventilators are often equipped with sophisticated features like automatic settings, real-time monitoring, and precise control over respiratory parameters, making them expensive to purchase and maintain. Smaller clinics may struggle to justify the investment, especially when facing competition from more affordable, manual alternatives. As a result, many clinics opt for less advanced, cost-effective equipment, which can limit their ability to provide the best care for critical animal patients requiring ventilation support.

Market Trends in Crude Oil Desalter Market

Increasing adoption of multi-stage desalting processes for improved efficiency

The oil industry is increasingly adopting multi-stage desalting processes to enhance the efficiency of crude oil treatment. Multi-stage desalting systems, such as two-stage and three-stage processes, allow for better removal of impurities like salts, water, and solid particles from crude oil. This results in improved...

Crude Oil Production in Russia remained unchanged at 9795 BBL/D/1K in March. This dataset provides the latest reported value for - Russia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.