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 Month

Crude oil is one of the most important commodities in the world, and its price has a significant impact on the global economy. The price of crude oil is influenced by various factors, including supply and demand dynamics, geopolitical tensions, global economic growth, and weather conditions. As a result, the price of crude oil can be highly volatile and subject to significant fluctuations.

Crude Oil Price History

Historically, the price of crude oil has experienced several boom and bust cycles. The most notable price movements occurred in the 1970s and early 1980s when the Organization of Petroleum Exporting Countries (OPEC) implemented oil embargoes and manipulated supply to drive up prices. This period was characterized by sharp price spikes and volatility.

In recent years, the price of crude oil has been influenced by a new set of factors. The global financial crisis in 2008, increased production from unconventional sources such as shale oil, and geopolitical tensions in the Middle East have all contributed to significant price fluctuations.

Monthly Crude Oil Prices

Here is a monthly breakdown of crude oil prices over the past few years:

January 2017: $54.87 per barrel
February 2017: $54.04 per barrel
March 2017: $50.60 per barrel
April 2017: $52.97 per barrel
May 2017: $49.68 per barrel
June 2017: $46.59 per barrel
July 2017: $48.88 per barrel
August 2017: $47.19 per barrel
September 2017: $50.58 per barrel
October 2017: $52.33 per barrel
November 2017: $58.36 per barrel
December 2017: $61.46 per barrel

The prices provided above are based on the average daily closing price of Brent crude oil. Brent is one of the major benchmarks for global oil prices and is widely used for pricing crude oil worldwide.

Factors Affecting Crude Oil Prices

As mentioned earlier, the price of crude oil is influenced by various factors. Let's take a closer look at some of the key factors that affect crude oil prices:

Supply and Demand Dynamics:

The most fundamental factor affecting crude oil prices is the balance between global supply and demand. If supply exceeds demand, prices tend to decline, and if demand exceeds supply, prices tend to rise. This balance is influenced by various factors such as production levels, global economic growth, and changes in consumption patterns.

Geopolitical Tensions:

Geopolitical tensions, especially in major oil-producing regions, can have a significant impact on crude oil prices. Conflicts, wars, and political instability can disrupt production and transportation, leading to supply disruptions and price increases.

Global Economic Growth:

Crude oil is a key input in many industries and is closely tied to global economic growth. Strong economic growth typically leads to increased oil demand, which can put upward pressure on prices. Conversely, a slowdown in economic growth can lead to decreased oil demand and lower prices.

Weather and Natural Disasters:

Weather conditions and natural disasters can also affect crude oil prices. For example, hurricanes in the Gulf of Mexico can disrupt offshore oil production and refining operations, leading to supply disruptions and price spikes.

Speculation and Financial Markets:

Speculation and trading activity in financial markets can also influence crude oil prices. Investors and traders can take positions in oil futures contracts, which can impact prices. Additionally, developments in other financial markets, such as currency or stock markets, can indirectly impact oil prices.

Conclusion

The price of crude oil is influenced by a complex interplay of factors, from supply and demand dynamics to geopolitical tensions and global economic growth. As a result, the price of crude oil can be highly volatile and subject to significant fluctuations. Understanding these factors is crucial for businesses and individuals who rely on oil, as well as policymakers and economists who analyze the global economy.

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