Report Update: May 1, 2024

World - Crude Oil and Processed Petroleum - Market Analysis, Forecast, Size, Trends And Insights

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Price of Crude Oil by Year

The price of crude oil has witnessed significant fluctuations over the years, influenced by numerous factors including global demand, geopolitical events, and economic trends. Here is a summary of the crude oil prices from 2000 to 2021:

2000:

In 2000, the average price of crude oil stood at around $28 per barrel. The year began with prices around $25 per barrel, but they gradually increased due to rising demand and production constraints imposed by oil-producing countries.

2001:

The year 2001 recorded a further increase in crude oil prices. Geopolitical tensions, especially the September 11 attacks, resulted in market uncertainty and pushed prices to reach an average of $23.00 per barrel.

2002:

Crude oil prices in 2002 experienced a significant rise. The average price increased to $24.43 per barrel due to fears of war in the Middle East and concerns over supply disruptions.

2003:

The average crude oil price climbed to approximately $27.69 per barrel in 2003. Volatile geopolitical situations, instability in Iraq and Venezuela, and increased global demand contributed to the upward trend in prices.

2004:

Oil prices remained relatively stable during 2004. The average price for the year stood at approximately $38.26 per barrel.

2005:

In 2005, crude oil prices surged to an average of $50.04 per barrel. Several factors contributed to this includef Hurricane Katrina, political unrest in various oil-producing regions, and robust global economic growth.

2006:

The average price of crude oil reached $58.30 per barrel in 2006. Supply concerns, geopolitical tensions in the Middle East, and growing demand from emerging economies had a significant impact on the price increase.

2007:

In 2007, crude oil prices continued their upward trajectory, reaching an average of $64.27 per barrel. Strong global demand, geopolitical unrest, and the declining value of the U.S. dollar contributed to the price surge.

2008:

2008 witnessed a significant spike in crude oil prices. The average price soared to a record high of $91.48 per barrel. Factors such as increased demand from emerging economies, supply concerns, and speculative investing played a role in this extraordinary increase.

2009:

The global economic recession in 2009 led to a significant drop in crude oil prices. The average price for the year fell to $53.48 per barrel as demand plummeted amid the financial crisis.

2010:

Prices rebounded in 2010, with the average crude oil price standing at $72.34 per barrel. The recovery from the financial crisis and growing demand from emerging economies contributed to the price increase.

2011:

Crude oil prices remained volatile in 2011, averaging at $95.11 per barrel. Uncertainty over the global economy, geopolitical tensions in the Middle East, and supply disruptions influenced the fluctuations.

2012:

The average price of crude oil slightly decreased in 2012, reaching $94.05 per barrel. Ongoing concerns about global economic growth and the Eurozone debt crisis contributed to the relative stability.

2013:

In 2013, the average price of crude oil stood at $98.04 per barrel. Ongoing geopolitical tensions in the Middle East and increased demand from emerging economies impacted the prices.

2014:

The average crude oil price declined to $93.17 per barrel in 2014. Oversupply concerns, especially from U.S. shale production, and slowing demand from major economies resulted in the price drop.

2015:

Crude oil prices experienced a sharp decline in 2015. The average price fell to $49.49 per barrel due to factors such as oversupply, slower economic growth in China, and the Iran nuclear deal.

2016:

Continuing the downward trend, crude oil prices averaged around $43.76 per barrel in 2016. Oversupply, weak demand, and concerns about global economic growth contributed to the prolonged period of low prices.

2017:

In 2017, crude oil prices started to recover. The average price increased to $50.79 per barrel, supported by production cuts from major oil-producing countries and a more balanced supply-demand dynamic.

2018:

The average price of crude oil surged to $71.31 per barrel in 2018. Multiple factors, such as supply disruptions, U.S. sanctions on Iran, and increased global demand, contributed to the price increase.

2019:

Crude oil prices experienced relative stability in 2019. The average price was around $64.37 per barrel due to ongoing geopolitical tensions, trade disputes, and slower global economic growth.

2020:

The year 2020 witnessed unparalleled volatility in the crude oil market. The average price was significantly affected by the COVID-19 pandemic, plummeting to $41.93 per barrel due to a sudden drop in demand and oversupply concerns.

2021:

In 2021, as the world gradually recovered from the pandemic, crude oil prices rebounded. As of October 2021, the average price stands at around $68.00 per barrel. The recovery in global demand, supply constraints, and geopolitical developments have influenced the recent price fluctuations.

This report provides an in-depth analysis of the global market for crude oil and processed petroleum. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

Global market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Global production, split by region and country
Global trade (exports and imports)
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023