Weekly Crude Oil Production in the United States decreased to 13284 Thousand Barrels Per Day in August 1 from 13314 Thousand Barrels Per Day in the previous week. This dataset includes a chart with historical data for the United States Weekly Crude Oil Production.

On August 4, 2025, the Brent crude oil price stood at 68.59 U.S. dollars per barrel, compared to 66.29 U.S. dollars for WTI oil and 71.58 U.S. dollars for the OPEC basket. OPEC prices rose slightly that week, while Brent and WTI prices fell.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 64.01 USD/Bbl on August 12, 2025, up 0.08% from the previous day. Over the past month, Crude Oil's price has fallen 4.43%, and is down 18.30% 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 August of 2025.

Learn about the EIA's revised forecast predicting a record high in US oil production by 2025, highlighting key economic and trade implications.

In the first quarter of 2025, some **** million barrels of crude oil were exported from the United States via tankers every day. Despite lower crude oil prices, shipments from the U.S. increased in the first three months of the year.

Stocks of crude oil in the United States decreased by 3.03million barrels in the week ending August 1 of 2025. This dataset provides the latest reported value for - United States Crude Oil Stocks Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Crude oil production in the United States is expected to amount to 28.26 quadrillion British thermal units in 2025. Despite many governments intensifying searches for renewable alternatives to fossil fuel energy production, production is forecast to increase until at least 2027. One standard barrel of crude oil contains about 5.8 million British thermal units. U.S. oil production gains in the past decade Thanks to hydraulic fracturing, the United States has been able to position itself as the largest oil producer worldwide. Fracking allows them to extract oil from permeable rock formations, such as shale or tight sandstone. This type of oil is referred to as tight oil or unconventional oil. In the U.S., most shale formations are located in Texas and North Dakota. Since the rapid expansion of fracking, these states have become two of the country’s largest producers of crude oil. The largest oil producing region is the Permian basin in Texas and New Mexico. Most productive oil basins Also, as of May 2025, the Permian basin ranked as the third-largest producer basin of new-well oil, generating slightly over 1,500 barrels per day per rig. The Bakken basin was the largest new-well oil producer that month, with nearly 1,800 barrels per day per rig. New-well oil refers to initial crude oil output from recently drilled and completed wells, a key metric in the oil and gas industry used to assess early well productivity.

North America Oil Exploration and Production market size is $936.21 Million in 2024 and it is forecasted to reach $1,256.85 Million by 2031. North America Oil Exploration and Production Industry's Compound Annual Growth Rate will be 4.30% from 2024 to 2031.

Crude Oil Rigs in the United States increased to 411 in August 8 from 410 in the previous week. This dataset provides - United States Crude Oil Rigs- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Crude Oil Imports in the United States decreased to -794 Thousand Barrels in August 1 from 1317 Thousand Barrels in the previous week. This dataset provides - United States Crude Oil Imports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

US Crude Oil Production data, recent 43 years (traceable to Jan 07,1983), the unit is 1000 bbl/d, latest value is 13375, updated at Jul 11,2025

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

The United States crude oil refinery market is estimated to grow at a CAGR of 2.40% during the forecast period of 2025-2034. The market is being driven by the rising demand for petroleum in the country.

United States Oil Production Change: Existing: Permian data was reported at -427.000 Barrel/Day th in Mar 2025. This records a decrease from the previous number of -423.000 Barrel/Day th for Feb 2025. United States Oil Production Change: Existing: Permian data is updated monthly, averaging -100.000 Barrel/Day th from Jan 2007 (Median) to Mar 2025, with 219 observations. The data reached an all-time high of -9.000 Barrel/Day th in Jan 2007 and a record low of -427.000 Barrel/Day th in Mar 2025. United States Oil Production Change: Existing: Permian data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB040: Oil Production: by Region.

The Bakken basin recorded the highest monthly new-well oil production per rig in May, at 1,755.5 barrels per day. The Permian basin, which is the largest oil producing region overall, had a new-well production output of 1,514 barrels per day per rig.

Oil Production Change: Existing: Rest of Lower 48 States excl GOM data was reported at -86.000 Barrel/Day th in Mar 2025. This records an increase from the previous number of -87.000 Barrel/Day th for Feb 2025. Oil Production Change: Existing: Rest of Lower 48 States excl GOM data is updated monthly, averaging -72.000 Barrel/Day th from Jan 2007 (Median) to Mar 2025, with 219 observations. The data reached an all-time high of -1.000 Barrel/Day th in Jan 2007 and a record low of -154.000 Barrel/Day th in Feb 2020. Oil Production Change: Existing: Rest of Lower 48 States excl GOM data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB040: Oil Production: by Region.

In 2024, global oil consumption hit a historic high of 101.8 million barrels per day, as reported by the Statistical Review of World Energy 2025. The U.S. remains the largest consumer, while India's demand surges. Production aligns closely with consumption, highlighting market equilibrium and strategic challenges.

This dataset provides values for CRUDE OIL. reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

South America Oil Exploration and Production market size is $280.79 Million in 2024 and it is forecasted to reach $401.04 Million by 2031.