Energy Price Monitor
Crude Oil
Crude Oil Price Forecast and History
very light oils; light oils; medium oils; and heavy fuel oils.
Crude oil is mainly employed as building block for the chemical industry; fuel production; plastics/rubber/resins manufacture; waxes; asphalt; and lubricants.
gasoline; diesel; fuel oil; propane; liquified natural gas; liquified petroleum gas; butane; naphta; petroleum asphalt; paraffin wax; and great variety of organic chemicals (hydrocarbons, aromatic compounds, alcohols, etc).

About Crude Oil. Crude Oil is a naturally occurring, highly complex mixture, containing primarily carbon and hydrogen compounds. More specifically, the great majority of the compounds are paraffinic, cycloparaffinic and aromatic hydrocarbons, with small amounts of other elements, mostly oxygen, nitrogen and sulfur. Petroleum is a yellowish to black liquid, with apolar characteristics, formed millions of years ago, through biological processes in organic deposits. It is mostly found in geological formations beneath the Earth’s surface; however, it can be found in porous rocks above it. Crude oil has many possible classifications, the most used are based on the geographic location it is produced/extracted, its API gravity and its sulfur content.

Crude oil has been used since ancient times; however, it only became important with the invention of the internal combustion engine and the rise in aviation history. The first oil refinery was built in 1856 and the first commercial oil well started its operation in 1858. Currently, there are countries’ economies based around petroleum, and it is estimated that the world consumes nearly 100 million barrels of crude oil every day. Petroleum is considered by many as the most important chemical in existence, since it is the source of nearly all fossil fuels, plastics/rubbers/resins and of an uncountable number of organic compounds.

Petroleum is transported depending on the quantity and the destination. The most common ways are via pipelines (well to refineries/storage facilities), marine vessels (ocean transportation), rail cars (landmass transportation, usually in DOT-11 cars, holding 34,500 US gallons) and trucks (land transportation, ranging from 400 to 7,500 US gallons). The biggest problem associated with its transportation are pollution and leakage/spilling, since the mixture is very toxic to living animals and the environment as a whole. Crude oil is flammable, so it should be kept away from heat, sparks, flame, or other sources of ignition. Petroleum is usually not stored in its crude form; it is refined to its derivatives.

Crude oil is one of the most important raw materials for the industry. It is employed as building block for the chemical industry, for fuel production, for plastic/rubber/resin manufacture, as well as to produce waxes, asphalt, and lubricants.

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<p><b>About Crude Oil Prices.</b> Crude oil is a key raw material for the industry, worldwide. It occupies such an important position in the global supply chain that its price can be used as an indicator of the state of the economy. As a result, having access to reliable crude oil price data is essential for several types of businesses.</p><p>The price of crude oil is influenced by a range of factors. For instance, increased demand, especially from emerging economies, can lead to higher prices. Additionally, the supply of crude oil is affected by production decisions made by oil-producing countries, and geopolitical events such as wars or sanctions.</p><p>Another factor that affects crude oil prices is governmental economic policies, such as taxes, subsidies, and regulations. For example, taxes on the production or consumption of crude oil can lead to higher prices, while subsidies can make it more affordable. Regulations that impact the supply of crude oil, such as import or export restrictions, can also affect its price.</p><p>Aside from individual governments, the Organization of the Petroleum Exporting Countries (OPEC) play an important role in defining Crude Oil Prices. Accounting for more than 40% of oil production and more than 70% of proven crude oil reserves, OPEC has been known to adjust its production levels to try and control the supply and demand dynamics of crude oil. The announcement of production cuts or increases by OPEC can cause market volatility and speculation, and even minor changes in OPEC's production levels can affect crude oil prices.</p><p>Transportation costs are another factor that can impact crude oil prices. Crude oil is typically transported by pipeline, ship, or truck to reach refineries. Disruptions in transportation infrastructure, such as natural disasters or road closures, can increase delivery times and transportation costs, leading to higher crude oil prices.</p>
Data Type: chem-pricing
Prices
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Crude Oil Price | Current and Forecast

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Commodity

Crude Oil

World Region

Time Span

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Data Legend. The Crude Oil price chart shows the prices in USA Dollar per oil barrel (USD/Bbl). For the world region Americas, check Crude Oil prices in the following countries:

  • US: Crude Oil, west texas intermediate, United States, contract, fob
  • BR: Crude Oil, Brazil, transaction, fob
  • CO: Crude Oil, Colombia, transaction, fob
  • CA: Crude Oil, sweet, Canada, spot, ddp, Alberta
  • CL: Crude Oil, Chile, transaction, cif
  • MX: Crude Oil, Mexico, transaction, fob
  • DE: Crude Oil, Germany, transaction, cif
  • BE: Crude Oil, Belgium, transaction, cif
  • NL: Crude Oil, Netherlands, transaction, cif
  • GB: Crude Oil, brent, United Kingdom, contract, fob
  • FI: Crude Oil, Finland, transaction, cif
  • FR: Crude Oil, France, transaction, cif
  • NO: Crude Oil, johan sverdrup blend, Norway, spot, fob, Mongstad
  • SE: Crude Oil, Sweden, transaction, cif
  • CZ: Crude Oil, Czech Republic, transaction, cif
  • HU: Crude Oil, Hungary, transaction, cif
  • IT: Crude Oil, caspian pipeline consortium blend, Italy, spot, cif, Augusta
  • PL: Crude Oil, Poland, transaction, cif
  • SG: Crude Oil, Singapore, contract, fob
  • ID: Crude Oil, Indonesia, transaction, cif
  • TH: Crude Oil, Thailand, transaction, cif
  • IN: Crude Oil, India, transaction, cif
  • PH: Crude Oil, Philippines, transaction, cif
  • AU: Crude Oil, Australia, transaction, cif
  • CN: Crude Oil, medium sour, China, spot, cif
  • JP: Crude Oil, Japan, transaction, cif
  • RU: Crude Oil, Russia, transaction, fob
  • KR: Crude Oil, South Korea, transaction, cif
  • TW: Crude Oil, Taiwan, transaction, cif
  • SA: Crude Oil, Saudi Arabia, transaction, fob
  • ZA: Crude Oil, South Africa, transaction, cif
  • TR: Crude Oil, Turkey, transaction, cif

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About Crude Oil. Crude Oil is a naturally occurring, highly complex mixture, containing primarily carbon and hydrogen compounds. More specifically, the great majority of the compounds are paraffinic, cycloparaffinic and aromatic hydrocarbons, with small amounts of other elements, mostly oxygen, nitrogen and sulfur. Petroleum is a yellowish to black liquid, with apolar characteristics, formed millions of years ago, through biological processes in organic deposits. It is mostly found in geological formations beneath the Earth’s surface; however, it can be found in porous rocks above it. Crude oil has many possible classifications, the most used are based on the geographic location it is produced/extracted, its API gravity and its sulfur content.

Crude oil has been used since ancient times; however, it only became important with the invention of the internal combustion engine and the rise in aviation history. The first oil refinery was built in 1856 and the first commercial oil well started its operation in 1858. Currently, there are countries’ economies based around petroleum, and it is estimated that the world consumes nearly 100 million barrels of crude oil every day. Petroleum is considered by many as the most important chemical in existence, since it is the source of nearly all fossil fuels, plastics/rubbers/resins and of an uncountable number of organic compounds.

Petroleum is transported depending on the quantity and the destination. The most common ways are via pipelines (well to refineries/storage facilities), marine vessels (ocean transportation), rail cars (landmass transportation, usually in DOT-11 cars, holding 34,500 US gallons) and trucks (land transportation, ranging from 400 to 7,500 US gallons). The biggest problem associated with its transportation are pollution and leakage/spilling, since the mixture is very toxic to living animals and the environment as a whole. Crude oil is flammable, so it should be kept away from heat, sparks, flame, or other sources of ignition. Petroleum is usually not stored in its crude form; it is refined to its derivatives.

Crude oil is one of the most important raw materials for the industry. It is employed as building block for the chemical industry, for fuel production, for plastic/rubber/resin manufacture, as well as to produce waxes, asphalt, and lubricants.

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