Report Update: May 1, 2024

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

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Oil Brent Price Now

The price of Brent crude oil is an essential benchmark used to determine the value of crude oil in the global market. Brent crude oil originates in the North Sea and is primarily produced in Europe, Africa, and the Middle East. As of the most recent data, the current price of Brent crude oil is $75.23 per barrel.

Factors Affecting Brent Crude Oil Prices

Several factors influence the price of Brent crude oil, including:

Supply and Demand: Changes in global supply and demand for oil can have a significant impact on the price of Brent crude oil. If supply decreases or demand increases, prices tend to rise, and vice versa.
Geopolitical Events: Political tensions or conflicts in major oil-producing countries can disrupt the supply of oil and cause prices to fluctuate.
Economic Factors: Economic indicators, such as GDP growth, inflation rates, and unemployment, can affect the demand for oil and thus impact prices.
Weather Conditions: Extreme weather events, such as hurricanes or cold spells, can disrupt production and transportation of oil, leading to price volatility.
Currency Exchange Rates: As oil is traded globally in US dollars, fluctuations in currency exchange rates can affect the purchasing power of oil-importing countries and influence demand.

Recent Trends in Brent Crude Oil Prices

The price of Brent crude oil has experienced several significant trends in recent years. From a low of around $27 per barrel in early 2016, it steadily recovered to reach levels above $70 in early 2018. However, a combination of factors, including concerns over slowing global economic growth, rising oil production in the United States, and trade disputes between major economies, led to a decline in prices to around $50 per barrel by the end of 2018.

In 2019, Brent crude oil prices recovered to above $60 per barrel, primarily due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. This trend continued into 2020, until the outbreak of the COVID-19 pandemic resulted in a sharp drop in global oil demand and a price collapse.

As countries imposed travel restrictions and lockdown measures to curb the spread of the virus, demand for transportation fuels, such as gasoline and jet fuel, plummeted. This led to a surplus of oil in global markets, causing prices to nosedive. In April 2020, Brent crude oil prices hit a historic low of around $19 per barrel.

Since then, prices have slowly recovered as economies gradually reopened and demand started to rebound. OPEC and its allies also implemented significant production cuts to stabilize the market. By mid-2021, Brent crude oil prices had surpassed the $70 per barrel mark, driven by optimism around global economic recovery, easing travel restrictions, and successful vaccination campaigns.

Outlook for Brent Crude Oil Prices

The outlook for Brent crude oil prices remains uncertain due to various factors:

COVID-19 Pandemic: The ongoing pandemic and its potential impact on global economic recovery and oil demand continue to be major uncertainties in the oil market.
Supply and Demand Dynamics: Any disruptions in oil supply or unexpected changes in demand, particularly from major economies like the United States, China, and India, can significantly impact oil prices.
Geopolitical Factors: Tensions in major oil-producing regions, such as the Middle East, can influence oil prices. Events like conflicts, sanctions, or changes in production policies can disrupt supply.
Renewable Energy Transition: The global transition towards renewable energy sources and increased adoption of electric vehicles could reduce long-term oil demand and potentially affect prices.

It is important to note that the oil market is highly volatile and subject to various external factors that can lead to fluctuations in prices. Investors, traders, and industry stakeholders closely monitor Brent crude oil prices to make informed decisions and manage their exposure to oil price volatility.

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