Crude Oil rose to 64.68 USD/Bbl on September 2, 2025, up 1.04% from the previous day. Over the past month, Crude Oil's price has fallen 2.44%, and is down 12.67% 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 September of 2025.

The global crude oil market size reached approximately 100.50 MB/d in 2024. The market is projected to grow at a CAGR of 0.90% between 2025 and 2034, reaching around 109.92 MB/d by 2034.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of July. 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.

Brent rose to 68.10 USD/Bbl on September 1, 2025, up 0.92% from the previous day. Over the past month, Brent's price has fallen 0.95%, and is down 11.87% 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 September of 2025.

Global Crude Oil market size is expected to reach $3693.23 billion by 2029 at 4.9%, segmented as by type, transport, industrial, other types

On August 18, 2025, the Brent crude oil price stood at 66.54 U.S. dollars per barrel, compared to 63.42 U.S. dollars for WTI oil and 68.21 U.S. dollars for the OPEC basket. Oil prices remained largely unchanged that week as economic expectations stayed low.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.

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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 production operations

Oil Market Outlook

The global oil market size was valued at approximately $2.3 trillion in 2023 and is projected to reach around $3.1 trillion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.4%. The market is poised for this growth driven by increasing energy demands and technological advancements in extraction and refining processes. The ascent in urbanization and industrialization, particularly in emerging economies, is also catalyzing the expansion of the oil market. As the world continues to witness an upsurge in energy consumption, oil remains a pivotal component of the global energy mix, underscoring its enduring relevance and potential for growth in the coming years.

One of the primary growth factors for the oil market is the relentless global demand for energy, which is predominantly fueled by developing countries undergoing rapid industrialization and modernization. These nations are experiencing significant infrastructural development, leading to increased consumption of fossil fuels, including oil. Additionally, the expansion of the transportation sector, which is heavily reliant on oil, further propels market growth. The automotive industry, despite a shift towards electrification, still sees a significant proportion of its energy needs being met by oil products such as gasoline and diesel, thereby sustaining demand.

Technological advancements in extraction and refining processes are also key drivers of growth in the oil market. The advent of improved drilling techniques, such as horizontal drilling and hydraulic fracturing, has made it economically viable to tap into previously inaccessible oil reserves. This has significantly boosted the supply side of the market, leading to an increase in production levels. Moreover, innovations in refining processes have enhanced the efficiency and yield of refining operations, resulting in higher output of refined oil products. These technological improvements not only bolster supply but also help reduce the environmental impact of oil extraction and processing activities.

Furthermore, the global geopolitical landscape plays a crucial role in shaping the oil market. Political stability in key oil-producing regions can significantly influence supply chains and pricing structures. For instance, the Middle East, which holds a substantial portion of the world's oil reserves, is often affected by geopolitical tensions that can lead to fluctuations in supply and prices. Additionally, policies and regulations set forth by major economies regarding fossil fuel consumption and emissions standards can either facilitate market expansion or pose challenges to it. Thus, ongoing geopolitical developments and regulatory changes are critical factors affecting the oil market's trajectory.

The integration of Oil and Gas sectors is increasingly becoming a focal point in the global energy landscape. As oil remains a dominant energy source, the synergy between oil and gas industries can lead to enhanced efficiency and innovation. This integration allows for the sharing of technological advancements, such as improved drilling techniques and refining processes, which can be applied across both sectors to optimize resource extraction and processing. Furthermore, the collaboration between oil and gas companies can facilitate the development of comprehensive energy solutions that address both current demands and future sustainability goals. By leveraging their combined expertise, these industries can better navigate the challenges of fluctuating market conditions and regulatory pressures, ultimately contributing to a more resilient and adaptable energy sector.

Regionally, the Asia Pacific region is expected to witness robust growth in the oil market, primarily due to the soaring energy demands of populous countries like China and India. These nations are experiencing rapid economic growth, leading to increased consumption of oil for industrial and transportation purposes. North America, on the other hand, is characterized by technological innovations in oil extraction and production, positioning it as a significant player in the global market. The Middle East & Africa region remains a major supplier of oil, with vast reserves and strategic geopolitical positioning. Europe and Latin America, while also integral to the market, are increasingly turning towards alternative energy sources, which may moderate their growth rates compared to other regions.

Type Analysis

The oil market is segmented into several

The global oil prices graph provides a visual representation of crude oil prices over time and is crucial for understanding market dynamics and tracking price fluctuations. This article explains key terms such as Brent Crude and WTI Crude, as well as the influence of supply and demand, geopolitical events, economic fluctuations, and weather conditions on oil prices. Analysts, investors, governments, and oil companies rely on this graph to identify trends, patterns, and major market events for decision-makin

The worldwide crude oil price index stood at 191.78 index points in 2024. This was a slight decrease compared to the previous year, when the price index stood at over 194 index points. The global crude oil index is determined by benchmark prices such as Brent, WTI, and Dubai Fateh.

The global oil price index is a measure of the average price of oil traded on the global market. This article explores the factors that influence oil prices, the significance of the Brent Crude Oil Price Index, and the importance of oil price indexes for market participants and policymakers.

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

The global base oil market was valued at USD 28.92 billion in 2022 and will expand to USD 43.38 billion by 2030, registering a CAGR of 5.2% for the forecast period 2023-2030. Factors Affecting Base Oil Market Growth

Rapid industrialization in developing countries

Rapid industrialization in developing nations like Japan, China, India, Indonesia, Brazil, and others is helping to expand the base oil market growth. China, Indonesia, India, South Africa, and Brazil are all seeing rapid expansion in sectors including industrial machinery, automotive, and energy. Base oil is the essential component of almost all lubricants. Engine oil is mostly base oil with just 7% to 10% additional ingredients moreover only 10%–12% other additives are included in gearbox fluids; the remaining is base oil. The base oil is used to create a variety of industrial lubricants.

The automobile sector is adopting lubricants more often

Base oils are majorly used in the manufacturing of lubricants. The use of lubricants in the automobile industry is enlarged due to lubricants extended equipment life, reduces corrosion, and reduced machine downtime. A base oil is present in all lubricants. It serves as the lubricant's base before it is combined with additives or a thickening in the case of grease. Improving vehicle supply resulted to increase in the demand for base oil. The automobile industry focuses more on vehicle efficiency, resulting in increased demand for lubricants in the automobile industry. Hence, the increasing adoption of lubricants in the automobile sector is fueling the base oil market.

The Restraining Factor of Base Oil:

Volatility in crude oil prices

Fluctuation in the price of crude oil is expected to hinder the base oil market growth. Many kinds of crude oil are used to produce base oils, the most typical is paraffinic crude oil. On the other hand, Naphthenic crude oils produce base oil with superior solubility and excellent qualities at low temperatures. The Organisation of Petroleum Exporting Countries (OPEC), independent Petro-states like Russia, private oil companies like ExxonMobil, and other producers significantly impact crude oil prices. Prices are impacted by supply and demand just as with any other commodity. Crude Oil prices fluctuated due to production expenses as well. While it costs less to extract oil in the Middle East, it costs more to do so in Canada's oil sands. Once the supply of cheap oil is lessened, the price could increase.

Environmental Regulations and Emission Norms

Stringent environmental regulations globally are compelling manufacturers to lower emissions from their production processes and enhance product quality. Governments and environmental agencies are implementing rigorous controls on the sulfur content, volatility, and biodegradability of base oils and lubricants. Adhering to these changing standards raises production costs, particularly for Group I base oils, which are slowly being replaced by more refined Group II and III oils. This regulatory pressure may restrict the growth potential of traditional base oil manufacturers that have not yet modernized their technologies.

Key Trends of Base Oil:

Transition to Group II and Group III Base Oils

There is an increasing transition from Group I to Group II and III base oils, attributed to their enhanced oxidation stability, reduced volatility, and improved performance features. These premium oils are being utilized more frequently in synthetic and semi-synthetic lubricants, especially in high-performance engines and machinery. As Original Equipment Manufacturers (OEMs) seek superior lubricant performance to comply with new emission regulations and fuel efficiency criteria, the global demand for Group II and III base oils is rapidly rising.

Rising Demand for Bio-based and Re-refined Base Oils

The heightened awareness regarding sustainability and environmental effects is driving the demand for bio-based and re-refined base oils. Industries are embracing circular economy principles and are increasingly favoring sustainable alternatives to base oils that lessen reliance on virgin crude oil. The processes for re-refining used oil are becoming more efficient and of higher quality, rendering re-refined base oils a practical and economical choice for both manufacturers and consumers.

Impact of the COVID-19 Pandemic on the Base Oil Market:

The automobile sect...

Graph and download economic data for Global price of WTI Crude (POILWTIUSDQ) from Q1 1990 to Q2 2025 about WTI, crude, oil, World, and price.

Crude Oil Market Outlook

As of 2023, the global crude oil market size was valued at approximately USD 1.3 trillion, and it is expected to reach USD 1.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 3.0% during the forecast period. The growth of this market is fueled by increasing demand in various industrial applications, coupled with advancements in extraction technologies that have made previously unrecoverable reserves accessible. Furthermore, the ongoing industrialization in emerging economies and the rising global energy demand are significant factors contributing to the market expansion. These factors are expected to consistently drive the crude oil market over the coming decade, despite growing environmental concerns and the push for renewable energy sources.

The primary growth factor for the crude oil market is the expanding global transportation sector, which remains heavily reliant on fossil fuels. As both personal and commercial transportation increases, so does the demand for crude oil, as it is the primary raw material for the production of fuels like gasoline, diesel, and aviation fuel. This is particularly evident in regions with burgeoning automotive markets and aviation sectors, where there is a continuous need to meet the energy requirements. Moreover, the development of infrastructure in developing countries is further bolstering the consumption of crude oil, especially in sectors such as road and air transport, which are pivotal to economic progress.

Another significant factor contributing to the growth of the crude oil market is its broad application base across various industrial sectors. Crude oil is not only a vital energy source but also a critical input for numerous petrochemical products, which are integral to industries such as plastics, pharmaceuticals, and chemicals. The industrial demand for crude oil is expected to remain robust as these sectors continue to expand, driven by technological innovations and a growing global population. Additionally, the power generation sector still relies on crude oil, albeit to a lesser extent, maintaining a steady demand alongside the increasing share of renewable energy sources.

Technological advancements in extraction techniques like hydraulic fracturing and horizontal drilling have unlocked new reserves, contributing significantly to supply-side growth. These technologies have made it economically viable to extract oil from unconventional sources such as shale formations and deep-sea reserves. This has not only increased the global supply of crude oil but also enhanced the competitiveness of oil-producing countries, particularly the United States, which has emerged as a major player in the global market. As technology continues to evolve, it is expected to further streamline production processes, reduce costs, and open up new areas for exploration.

Regionally, the Asia Pacific region is projected to witness the highest growth in the crude oil market, driven by rapid industrialization and urbanization in countries like China and India. The region's demand for energy is skyrocketing, fueled by economic development and an increasing population. North America remains significant due to advancements in extraction technologies and substantial shale reserves. Meanwhile, the Middle East and Africa continue to hold strategic importance due to their vast conventional oil reserves. Europe and Latin America, while also important markets, are expected to grow at a more moderate pace as they balance energy needs with sustainability initiatives.

Type Analysis

The crude oil market is segmented by type into light, medium, and heavy crude oil. Light crude oil is highly sought after due to its high yield of valuable products such as gasoline and diesel upon refining. It is generally preferred by refineries because of its lower sulfur content and ease of processing, resulting in lower overall production costs. The demand for light crude oil is expected to remain strong as refineries continue to upgrade and optimize their processes to produce cleaner fuels. Moreover, the development of new refining technologies may further enhance the processing efficiency of light crude, sustaining its demand in the market.

Medium crude oil, characterized by its balanced sulfur content and density, serves as a versatile feedstock for refineries across the globe. Although not as easily processed as light crude, medium crude oil provides a good yield of both light and heavy petroleum products. Its market demand is also driven by the flexibility it offers refineries in terms of product output. In regions wit

As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over 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 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.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

S&P GSCI Crude Oil Index: A Reliable Gauge of Global Oil Prices?

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

The article provides an overview of the factors affecting the price of crude oil in the international market, including global demand, geopolitical events, production levels, and economic indicators. It highlights the significance of benchmarks such as Brent Crude and West Texas Intermediate (WTI) and the role of OPEC in influencing oil prices. The article also explores the impact of global events, geopolitical tensions, and the COVID-19 pandemic on oil prices. It emphasizes the importance of referring to r

Heating Oil rose to 2.31 USD/Gal on September 1, 2025, up 1.65% from the previous day. Over the past month, Heating Oil's price has fallen 0.45%, but it is still 1.17% higher 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 September of 2025.

The monthly crude oil price index worldwide reached 163.67 index points in July 2025. Prices changed only slightly compared to the previous month as oil prices remained low.