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.

Oil shocks exert influence on macroeconomic activity through various channels, many of which imply a symmetric effect. However, the effect can also be asymmetric. In particular, sharp oil price changes "either increases or decreases" may reduce aggregate output temporarily because they delay business investment by raising uncertainty or induce costly sectoral resource reallocation. Consistent with these asymmetric-effect hypotheses, the authors find that a volatility measure constructed using daily crude oil futures prices has a negative and significant effect on future gross domestic product (GDP) growth over the period 1984-2004. Moreover, the effect becomes more significant after oil price changes are also included in the regression to control for the symmetric effect. The evidence here provides economic rationales for Hamilton's (2003) nonlinear oil shock measure: It captures overall effects, both symmetric and asymmetric, of oil price shocks on output.

In May 2025, crude oil exported from Brazil had an average price of **** U.S. dollars per kilogram, after attaining **** U.S. dollars the month prior. Global oil prices continued to fall in the first half of 2025, which is reflected in the decrease in Brazil's oil export prices. China is most important trading partner China remains the primary destination for Brazilian crude oil exports, accounting for over ** percent of shipments in 2024, followed by the United States at ** percent. This underscores the importance of these markets for Brazil's oil industry. While exports thrived, Brazil's crude oil imports saw a slight decrease in 2024, totaling nearly *** billion U.S. dollars. This decline in imports occurred alongside a drop in the average price of imported crude oil and condensate, which fell by about *** percent to ***** U.S. dollars per barrel. Natural gas imports and domestic production Similar to crude oil, Brazil's natural gas imports also experienced a decline in 2023. The country imported approximately *** billion cubic meters of natural gas, with *** billion cubic meters in gaseous form and **** billion cubic meters as liquefied natural gas (LNG). The decrease in imports can be attributed to Brazil's growing domestic natural gas production, highlighting the country's efforts to reduce dependence on foreign energy sources and strengthen its position in the global energy market.

Brent fell to 68.86 USD/Bbl on July 3, 2025, down 0.36% from the previous day. Over the past month, Brent's price has risen 6.17%, but it is still 21.23% 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.

In May 2025, the average price of one barrel of Brent crude oil was 64.45 U.S. dollars. This was nearly four U.S. dollars below prices the previous month and the lowest value in the past 24-month period, as demand for oil was expected to stagnate in the coming months. 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.

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Learn about the factors that influence crude oil prices and the importance of these prices in the global economy. Explore the benchmark prices, such as Brent crude and West Texas Intermediate, and understand how supply and demand, geopolitical events, production costs, and market speculation affect the price of crude oil. Discover the impact of crude oil prices on inflation, energy costs, investment opportunities, and as macroeconomic indicators.

Heating Oil rose to 2.41 USD/Gal on July 4, 2025, up 1.79% from the previous day. Over the past month, Heating Oil's price has risen 15.13%, but it is still 8.03% 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 July of 2025.

Learn about the importance of crude oil and gas prices as indicators of the global energy market and their impact on various sectors of the economy. Explore how a crude oil and gas prices chart can help analyze price trends and make informed decisions. Understand the interrelation between crude oil and gas prices and how market dynamics, economic factors, and seasonal influences can affect them. Discover how investors, traders, analysts, and policymakers use the crude oil and gas prices chart to gain insigh

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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

Refinery oil prices are influenced by global supply and demand dynamics, crude oil prices, refinery complexity, location, transportation costs, and operational factors. These prices directly affect the cost of petroleum products and can be influenced by geopolitical and economic events.

The Average Home Heating Oil Prices dataset provides New York residents and businesses with objective information on average residential retail heating fuel oil pricing in New York State and by region beginning September 8, 1997. Pricing data is obtained via surveys conducted by NYSERDA staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon. The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset. For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Home Heating Oil Prices Dashboard: https://www.nyserda.ny.gov/Researchers-and-Policymakers/Energy-Prices/Home-Heating-Oil/Average-Home-Heating-Oil-Prices The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, accelerate economic growth, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

The article discusses the relationship between crude oil prices and the stock market, highlighting the impact of oil price fluctuations on various sectors of the economy. It explains how changes in oil prices can affect industries that heavily rely on oil and explores the factors influencing the crude oil market. The article also discusses the potential effects of oil price changes on stock prices and consumer spending. Additionally, it emphasizes the complexity of the relationship between crude oil prices

The global fuel energy price index stood at 153.15 index points in May 2025, up from 100 in the base year 2016. Figures decreased that month due to lower heating fuel demand and a fall in crude oil prices. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Global ramifications of the Russia-Ukraine war The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.

The global medium crude oil market is a significant sector within the broader energy landscape, exhibiting considerable dynamism. While precise market size figures are not provided, leveraging industry knowledge and observable trends, we can estimate the 2025 market value at approximately $500 billion USD, based on global crude oil production figures and the market share held by medium crude. A Compound Annual Growth Rate (CAGR) of, for example, 3% over the forecast period (2025-2033) suggests substantial growth, driven primarily by increasing global energy demand, particularly from developing economies in Asia and the Middle East. The rising demand for transportation fuels, coupled with continued expansion in the petrochemical and refining sectors, presents significant opportunities for market growth. However, the market is subject to certain constraints including fluctuating geopolitical events impacting supply chains, price volatility influenced by OPEC decisions and other macroeconomic factors, and ongoing pressure to transition to cleaner energy sources. Market segmentation shows that the 0.7%-1% sulfur content segment currently holds a larger market share than the 0.4%-0.6% sulfur content due to existing refining infrastructure and demand for heavier crudes in certain applications. Geographic distribution reveals a strong concentration in regions with substantial oil reserves such as North America, the Middle East & Africa, and Asia Pacific. Key players, including ExxonMobil, Shell, BP, and Saudi Aramco, dominate the market due to their substantial production capacities, refining infrastructure, and global reach. The competitive landscape is characterized by both cooperation (e.g., joint ventures in exploration and production) and competition (e.g., price wars and strategic acquisitions). Future market trends point to increasing investment in enhanced oil recovery techniques to extend the lifespan of existing fields and the potential emergence of alternative crude oil sources. Moreover, stricter environmental regulations might necessitate investments in technologies to reduce sulfur content in refined products, potentially favoring the lower-sulfur content segment. Overall, the medium crude oil market presents a complex interplay of growth drivers, market dynamics, and regulatory pressures, requiring careful navigation by market participants.

Learn about US light crude oil, a benchmark for oil prices in the United States. Discover the factors that affect its price, such as supply and demand dynamics, geopolitical events, weather conditions, and economic indicators. Explore recent trends and the outlook for the future of US light crude oil.

Urals Oil rose to 64.31 USD/Bbl on July 3, 2025, up 1.18% from the previous day. Over the past month, Urals Oil's price has risen 8.43%, but it is still 21.00% 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.

Explore the factors influencing crude oil prices, including geopolitical tensions, OPEC decisions, and technological advancements. Understand the historical context, the role of OPEC, and how technical and fundamental analyses impact trading opportunities. Learn how oil prices affect global currencies and the influence of environmental policies on future demand.

Learn about the factors that influence crude oil and gas prices, including supply and demand, geopolitical events, economic indicators, and more. Understand how changes in crude oil prices directly impact gas prices for consumers, and discover the various components that contribute to the overall price of gasoline. Stay informed about the ongoing global market dynamics that affect these prices.

This study investigates the impact of oil price uncertainty (OPU) on corporate profitability in China, the world’s largest crude oil consumer. Most importantly, we examine how the Chinese government’s oil price reform affects this relationship. Using the yearly data of Chinese-listed companies, we find that the uncertainty of oil prices negatively affects corporate profitability but positively impacts operating expenses from 2007 to 2020. This finding holds after robust tests, including alternative profitability metrics and endogeneity model. Most interestingly, implementing the 2013 market-oriented oil pricing reform amplifies the adverse impact of OPU on corporate profitability owing to increased operating costs in the post-2013 period. Moreover, the detrimental effect of uncertain oil prices on corporate profitability is less prominent for large-capitalized companies. This research adds to the body of knowledge on the factors affecting corporate profitability by highlighting the volatility effect of oil prices and government pricing mechanisms. The results offer grounds for legislators and corporate managers to consider how to control the uncertainty surrounding oil price matters to ensure stable corporate profitability.