Weekly Crude Oil Production in the United States decreased to 13814 Thousand Barrels Per Day in November 21 from 13834 Thousand Barrels Per Day in the previous week. This dataset includes a chart with historical data for the United States Weekly Crude Oil Production.

View weekly updates and historical trends for US Crude Oil Field Production. from United States. Source: Energy Information Administration. Track economic…

Crude Oil Production in the United States increased to 13844 BBL/D/1K in September from 13800 BBL/D/1K in August of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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.

View monthly updates and historical trends for US Crude Oil Production. from United States. Source: Energy Information Administration. Track economic data…

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.

Texas is by far the largest oil-producing state in the United States. In 2024, Texas produced a total of over two billion barrels. In a distant second place is New Mexico, which produced 744.6 million barrels in the same year. Virginia is the smallest producing state in the country, at three thousand barrels. Macro perspective of U.S. oil production The U.S. oil production totaled some 19.4 million barrels of oil per day, or a total annual oil production of 827 million metric tons in 2023. As the largest oil producer in the U.S., it is not surprising that Texas is home to the most productive U.S. oil basin, the Permian. The Permian has routinely accounted for at least 50 percent of total onshore production. Regional distribution of U.S. oil production A total of 32 of the 50 U.S. states produce oil. There are five regional divisions for oil production in the U.S., known as the Petroleum Administration for Defense Districts (PADD). These five regional divisions of the allocation of fuels derived from petroleum products were established in the U.S. during the Second World War and they are still used today for data collection purposes. In line with the fact that Texas is by far the largest U.S. oil producing state, PADD 3 (Gulf Coast) is also the largest oil producing PADD, as it also includes the federal offshore region in the Gulf of Mexico. There are around 590 operational oil and gas rigs in the country as of February 2025.

View weekly updates and historical trends for US Oil Rig Count. from United States. Source: Baker Hughes. Track economic data with YCharts analytics.

View weekly updates and historical trends for US Crude Oil in the Strategic Petroleum Reserve Stocks. Source: Energy Information Administration. Track eco…

GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Domestic Production data was reported at 2.336 % in 12 May 2025. This records a decrease from the previous number of 2.338 % for 05 May 2025. GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Domestic Production data is updated weekly, averaging 3.759 % from Jan 2019 (Median) to 12 May 2025, with 332 observations. The data reached an all-time high of 4.293 % in 13 Feb 2023 and a record low of 0.361 % in 10 Aug 2020. GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Domestic Production data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Gross Domestic Product (GDP).

As of November 18, 2025, the price of one barrel of the Bonny Light crude oil in Nigeria stood at ***** U.S. dollars, slightly lower than the preceding week. Bonny Light crude oil is a high-grade crude oil produced in Nigeria that is known for its low sulfur content. A low sulfur content means low corrosive effects on the petroleum refinery infrastructure and a low environmental impact of the byproducts.

United States GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Exports data was reported at 1.376 % in 01 Dec 2025. This records an increase from the previous number of 1.264 % for 24 Nov 2025. United States GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Exports data is updated weekly, averaging 2.560 % from Jan 2019 (Median) to 01 Dec 2025, with 361 observations. The data reached an all-time high of 6.658 % in 10 Aug 2020 and a record low of 1.169 % in 10 Mar 2025. United States GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Exports data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Gross Domestic Product (GDP).

United States GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Imports data was reported at 2.469 % in 01 Dec 2025. This records an increase from the previous number of 2.419 % for 24 Nov 2025. United States GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Imports data is updated weekly, averaging 1.294 % from Jan 2019 (Median) to 01 Dec 2025, with 361 observations. The data reached an all-time high of 3.233 % in 13 May 2019 and a record low of 0.748 % in 09 Nov 2020. United States GDP Nowcast: saar: YoY: Contribution: Energy: Petroleum Supply: Crude Oil: Imports data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Gross Domestic Product (GDP).

In August 2025, the average price of one barrel of Brent crude oil was 67.87 U.S. dollars. This was a decrease from the previous month and 12 U.S. dollars below July 2024 prices. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

United States Industrial Production Nowcast: sa: YoY: Contribution: Petroleum Supply: Petroleum Supply: RU: Crude Oil: GI: PADD 2 data was reported at 0.000 % in 12 May 2025. This stayed constant from the previous number of 0.000 % for 05 May 2025. United States Industrial Production Nowcast: sa: YoY: Contribution: Petroleum Supply: Petroleum Supply: RU: Crude Oil: GI: PADD 2 data is updated weekly, averaging 0.016 % from Feb 2020 (Median) to 12 May 2025, with 273 observations. The data reached an all-time high of 4.476 % in 27 Jun 2022 and a record low of 0.000 % in 12 May 2025. United States Industrial Production Nowcast: sa: YoY: Contribution: Petroleum Supply: Petroleum Supply: RU: Crude Oil: GI: PADD 2 data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Industrial Production.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

Oil prices rise from a five-week low as U.S. tariff threats on India over Russian crude purchases raise supply disruption concerns, with Brent and WTI crude gaining.

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.

United States Industrial Production Nowcast: sa: YoY: Contribution: Petroleum Supply data was reported at 2.601 % in 12 May 2025. This stayed constant from the previous number of 2.601 % for 05 May 2025. United States Industrial Production Nowcast: sa: YoY: Contribution: Petroleum Supply data is updated weekly, averaging 3.046 % from Feb 2020 (Median) to 12 May 2025, with 273 observations. The data reached an all-time high of 73.605 % in 09 Mar 2020 and a record low of 0.084 % in 08 Feb 2021. United States Industrial Production Nowcast: sa: YoY: Contribution: Petroleum Supply data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Industrial Production.

According to Cognitive Market Research, the global Needle Coke market size will be USD 3524.6 million in 2025. It will expand at a compound annual growth rate (CAGR) of 5.50% from 2025 to 2033.

North America held the major market share of 37% of the global revenue with a market size of USD 1304.10 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2025 to 2033.
Europe accounted for a market share of 29% of the global revenue with a market size of USD 1022.13 million.
APAC held the market share of around 24% of the global revenue with a market size of USD 845.90 million in 2025 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2025 to 2033.
South America has a market share of 4% of the global revenue with a market size of USD 133.93 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2025 to 2033.
Middle East had a market share of 4% of the global revenue and was estimated at a market size of USD 140.98 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.8% from 2025 to 2033.
Africa had a market share of 2.20% of the global revenue and was estimated at a market size of USD 77.54 million in 2025 and will grow at a compound annual growth rate (CAGR) of 5.8% from 2025 to 2033.
Coal Tar Pitch Derived category is the fastest growing Type segment of the Needle Coke industry

Market Dynamics of Needle Coke Market

Key Drivers for Needle Coke Market

Rising steel production and urbanization in emerging economies propels market demand

The growing steel production and rapid urbanization in emerging economies such as China, India, U.S., and Brazil significantly drive the demand for needle coke. As these countries continue to expand their infrastructure, construction, and automotive industries, the need for high-performance steel products increases. As per the American Iron and Steel Institute, in the week ending February 15, 2025, U.S. domestic raw steel production was 1,670,000 net tons with a capability utilization rate of 75.0%, down from 1,726,000 net tons and a 77.7% utilization rate in the same week of 2024. Needle coke, a key raw material for ultra-high power (UHP) graphite electrodes used in electric arc furnaces, plays a vital role in efficient steel manufacturing. The shift towards electric arc furnaces for sustainable and energy-efficient steel production further boosts the demand for high-quality needle coke. Additionally, industrialization, population growth, and rising disposable incomes in emerging markets contribute to increased steel consumption, thereby propelling the needle coke market.

https://www.steel.org/industry-data/

Increasing adoption of lithium-ion batteries in electric vehicles boosts market growth

The rising adoption of electric vehicles (EVs) globally drives the demand for lithium-ion batteries, thereby fueling the need for needle coke used in battery anodes. According to the International Energy Agency (IEA), the global lithium-ion battery manufacturing capacity is expected to grow significantly from 1.57 TWh in 2022 to 6.79 TWh in 2030, an increase of 332.5% within the time span of 8 years. This is driven by the increasing demand for electric vehicles and energy storage solutions as well as countries implement stricter emission regulations and promote green mobility and the shift towards EVs is accelerating rapidly. Needle coke's high carbon purity, superior conductivity, and thermal stability enhance battery performance, extending driving range and battery life. Additionally, increasing investments in battery manufacturing and energy storage solutions, especially in Asia-Pacific and Europe, further boost the market. With leading automakers expanding their EV portfolios and advancements in battery technology, the demand for high-quality needle coke is expected to grow significantly, driving the overall market expansion.

https://www.iea.org/data-and-statistics/charts/lithium-ion-battery-manufacturing-capacity-2022-2030

Restraint Factor for the Needle Coke Market

Volatility in raw material prices affecting production costs

Fluctuations in raw material prices pose a significant challenge to the needle coke market, affecting production costs and profitability. The prices of crude oil and coal tar pitch, the primary raw materials for needle coke, are highly volatile due to geopolitical tensions, supply-demand imbalances, and regulatory ch...