Crude Oil Price Trend and Forecast

Crude Oil Regional Price Overview

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

 

Crude Oil Price Trend for the Q3 of 2024

Product	Category	Region	Price	Time Period
Crude Oil	Operating Costs, Logistics and Utilities	USA	69.33 USD/barrel	September’24

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Asia

The global crude oil market exhibited extreme volatility during the said period as floundering Chinese demands and economic headwinds heightened oversupply issues. During the month of July and initial week of August the crude oil prices tumbled drastically. The Chinese post-covid boom for crude oil fizzled out and the domestic demand contracted heavily.
 

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The surging EV sales along with development of national high-speed rail network is restricting the fuel demand. This fundamental shift in the Chinese economic outlook is a cause of concern for the oil suppliers worldwide as outside China the world’s oil demand was tepid at best. However, the prices turned northwards during mid-August given the extreme tensions/escalations in the Middle East. The persistent geopolitical tensions in the Middle East and some positive economic factors in the form of supply shortages in the USA stopped the weakness in the crude oil prices.

Nonetheless, this phase of rebound was very short-lived as soon the Brent and WTI crude futures tumbled. The weak economic outlook of the domestic and international markets soon outweighed the hostilities in the Middle East. To halt the slide of crude oil prices, the OPEC+ members announced that they would postpone the reversal of their extra voluntary production cuts to stabilize the market demand and evaluate the demands prospects for next year. But with the non-OPEC+ supplies rising faster than usual demand is currently offsetting the balance of crude oil market worldwide.

Europe

The erratic behavior of the crude oil prices was prevalent in the domestic European markets as well. The escalations in the middle did provide some upwards momentum to the oil market but soon the other weaking macro-economic factors overtook the market fundamentals.

The gradually softening demand along with oversupply issues is readily affecting the crude oil prices. These falling prices are prompting the European Central Bank to reduce the rates and lower the inflation forecast for the region. This move is likely to add to the mitigate the economic weakness and add to the consumer purchasing power.

North America

Concerns over the falling domestic demands and oversupply issues have led to shortfalls in the crude oil prices in the US domestic market. The US commercial crude oil stocks are increasing readily, indicating weakening demand while putting downward pressure on prices.

The crude oil prices averaged around 69.33 USD/barrel (USA, spot) in September’24. While the US Federal Reserve is expected to announce rate cuts, the officials/analysts warn against hasty rate cuts and it can raise demand concerns in the market, thereby affecting the overall crude oil dynamics. Furthermore, other factors contributing to this price volatility are supply risks amidst the Middle East tension and weak economic outlook in China.

Analyst Insight

According to Procurement Resource, the Crude Oil prices are expected to decline even further in the coming months. The rapid decline in the global oil demand, led by China has fueled sharp sell-off in the markets. Further, the increased output from the non-OPEC+ nations has offset the market balance.
 

Crude Oil Price Trend for the Q2 of 2024

Product	Category	Region	Price	Time Period
Crude Oil	Operating Costs, Logistics and Utilities	USA	84 USD/barrel	April 2024
Crude Oil	Operating Costs, Logistics and Utilities	USA	76 USD/barrel	June '24

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Asia

Crude oil prices in the Asian markets were mostly found to be rangebound during the second quarter of the year 2024. After a striking rise in the first quarter, the crude oil began the second quarter on a stable note. Tensions in the Middle East are persistent, yet the clash between Iran and Israel did not escalate as much as per expectations. In April 2024, India's crude oil imports reached their third-highest level at approximately 21.4 million tonnes, a 3% month-on-month and 7% year-on-year increase, driven by domestic demand and export opportunities. Russian imports surged due to reduced Chinese demand and drone attacks on Russian refineries.

Private refiners like Reliance and Nayara, and public ones like Indian Oil and BPCL, increased imports. These increased import quantities helped alleviate cost pressure from domestic consumers. In the Chinese market too the crude oil prices were found wavering low, primarily because of the low demand concerns domestically. China's May crude production showed marginal year-on-year improvement, but industrial output and property sector data showed a lagging recovery. Thereby, the prices sustained their downward momentum throughout the said period.

Europe

Influenced by the global slowdown, crude oil prices were observed to be oscillating low during the said quarter in the European markets as well. The long-standing conflicts in the region particularly the war between Russia and Ukraine kept the markets riddled. Baffled with attacks on its refineries Russia continued to flood the markets with cheaper oil, maintaining high export levels of seaborne crude. India and China remained key buyers of Russian oil, which helped to balance supply constraints from other sources and put downward pressure on prices.

Other advancements in the crude market came after the annual meeting of OPEC nations in June 2024. They discussed extending voluntary oil production cuts at 1.65 million barrels per day until December 2025 to stabilize the global economy. Further, the countries agreed to extend the current 2.2 million barrels per day cut until September 2024.

North America

In the North American crude oil markets, the monthly average prices went from about 84 USD/barrel in April 2024 to around 76 USD/barrel in June '24. Several factors contributed to this subdued performance of crude oil in the US market. There was an unexpected increase in gasoline and distillate fuel stockpiles amidst subtle downstream demands.

The stakeholders were also cautious for the most part, especially before the OPEC+'s annual meeting in June. Therefore, not many major investments were seen in the oil market. Other than this, the anticipated delays in US interest rate cuts also contributed to the stabilization of oil prices. Higher interest rates generally lead to a stronger US dollar, making oil more expensive for holders of other currencies and thereby reducing demand. Overall, a sluggish performance was seen in the North American crude oil markets during the said period.

Analyst Insight

According to Procurement Resource, even though corrective measures are being taken to uplift the Crude Oil markets, the market projections will likely remain steady for the near term.
 

Crude Oil Price Trend for the Q1 of 2024

Product	Category	Region	Price	Time Period
Crude Oil	Operating Costs, Logistics and Utilities	USA	73 USD/Barrel	January’24
Crude Oil	Operating Costs, Logistics and Utilities	USA	79 USD/Barrel	March’24

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Asia

The crude oil prices were found to be escalating throughout the said period of the year 2024. Massive supply disruptions were seen during this time as the Israeli war against Hamas became more rampant. The Red Sea was seeing its own freight issues with the rising attacks of the Houthi pirates. This started creating a supply crunch for crude oil in the Asian markets, as the industry here largely depends on external imports.

The edge that the Indian and Chinese markets had with access to discounted Russian oil had been completely phased out. Amidst these supply problems, the downstream sectors remained intact. Demands were steady and rising as a large part of the country’s economic vehicle depended on the access and price of crude oil. With this supportive supply and demand outlook, crude oil prices were witnessed to be rising throughout the discussed span.

Europe

The crude oil price trend in the European markets was not much different from the Asian countries, as the prices were observed to be surging here as well. Russia and Ukraine’s conflict only got deeper with time, which continued to impact the region’s trade dynamics.

Ukraine launched drone attacks on Russian oil refineries, mainly Lukoil Nizhny, Rosneft Ryazan, and Surgut Kirshi. It caused partial operational shutdowns. Consequently, the oil output from the OPEC+ nation tumbled by around 7%. Within the first couple of months, the region witnessed a 3% rise in crude oil prices.

North America

The oil market situation was not much different in the American market than in the other major global markets. Over the span of the discussed tenure, the monthly average prices for crude oil saw a jump of about 8% in the US market. Rates averaged around 73 USD/Barrel in January’24 and went to about 79 USD/Barrel by March’24. This again reflected the major supply crisis in the international markets as OPEC+ also showed a possibility of further cuts in available supplies. Overall, a rising price trend was witnessed in Q1’24.

Analyst Insight

According to Procurement Resource, the Crude Oil prices are expected to accelerate even further as Iraq has announced a supply cut in the coming days, to compensate for exceeding OPEC+ quota in January’24.
 

Crude Oil Price Trend for the October - December of 2023

Product	Category	Region	Price	Time Period
Crude Oil	Operating Costs, Logistics and Utilities	Europe	90 USD/Barrel	December’23
Crude Oil	Operating Costs, Logistics and Utilities	USA	78 USD/Barrel	October’23
Crude Oil	Operating Costs, Logistics and Utilities	USA	71 USD/Barrel	December’23

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Asia

The third quarter’s propulsion in the prices of crude oil in the Asian countries could not be sustained in the fourth quarter of the year. The crude oil price graph showcased a zig-zag movement as the traders hinted at a potential rate cut. This was in view of the subdued demand and excessive supply of crude oil in the Asian countries, and thus, as a result, the crude oil prices during the end phase of the quarter fluctuated towards the lower end.

Europe

The geopolitical tensions in and around the European countries eventually led to the southward movement of Crude Oil Price Trend during the initial phase of the fourth quarter of 2023. The trend in the prices was a steep fall from approximately 90 USD/Barrel (FOB) to 82 USD/Barrel in a single month. However, as the colder months approached the region, the inventories slowly but steadily started to deplete, which gave the Crude Oil Price Trend its required momentum.

North America

A gradual decline from around 78 USD/Barrel (Spot) in October’23 to 71 USD/Barrel in December’23 was noticed in the Crude Oil Price Trend. The major contributing factor to this fall was the outpaced production over the demand for crude oil in the region. The export rates also fell as the Panama Canal dried up during the fourth quarter of 2023, and thus, the ill consequences of these challenging conditions were evident in the fall in crude oil prices.

Analyst Insight

According to Procurement Resource, the price trend of Crude Oil are estimated to be based on demand only, which in the short term seems to fall short in front of the global rates of crude oil production.
 

Crude Oil Price Trend for the July - September of 2023

Asia

The Asian crude oil market registered robust growth during the given period of Q3’23. Especially in the first half of the third quarter, the oil prices surged in a bullish manner. China showcased an immense interest in crude oil during the summer travel season. To complement the consumer interest, the suppliers’ interest also aroused as the refining margins improved immensely following improvements in offshore trading activities in the post pandemic marketplaces.

The edge that the Indian and Chinese crude oil markets achieved because of discounted Russian oil also narrowed since the discounts were alleviated. So, after the stagnancy in crude oil prices in the previous quarter the market outlook improved over the duration of Q3. An upward-wavering price graph was observed.

Europe

The growth in the manufacturing sector drove the European crude oil markets. The average monthly prices started at around 77 USD/barrel (FOB) in July’23 and climbed up to over 85 USD/barrel within the concerned timeline. An approximate 16% inclination in the prices was observed within the given quarter. Overall, the crude oil prices wavered at the higher side during the said period and the market enjoyed positive growth dynamics.

North America

The North American crude oil market was relatively more stable than the other global markets. The average spot price remained at about 75 USD/barrel around the quarter. The market outlook remained positive, with market drivers suggesting a rising outlook.

Analyst Insight

According to Procurement Resource, Crude Oil prices are expected to escalate even further going forward. Since the upcoming winter months will pose more energy requirements, the prices will record even higher numbers at the price index.
 

Crude Oil Price Trend for the First Half of 2023

Asia

Crude oil prices exhibited mixed price trend during the first half of the year 2023; the first quarter was relatively muted as the slow-paced economic recovery in China after a long lockdown kept the demands on the lower side. Further, the availability of cheaper Russian crude oil to both India and China also complimented the lowered prices. However, the growth in the industrial sector picked pace in the second quarter as the Crude Oil prices moved in a positive direction in the latter half of the second quarter. Overall, the crude oil market performance was fair.

Europe

In the European continent, Crude Oil prices were fairly stable during the discussed time period. As Russia’s armed invasion of Ukraine created havoc in the European crude oil market in 2022, prices skyrocketed and were one of the main reasons behind heavy inflation in the region since the European Union collectively banned and sanctioned all oil supplies from Russia.

The 2023 began with some improvement in that situation. As the supply chains were restored and trade routes shifted, the crude oil prices also started subsiding. In Europe, the average prices went from 82 USD/barrel (FOB) in January’23 to around 74 USD/barrel in June’23, with an approximate decline of about 9%.

North America

Crude oil prices fluctuated throughout H1’23 in the American market as well; just like the European market, the prices wavered on the lower end. A little upward push was noticed at the shift of quarters as the interest rates went up with two major US banks collapsing, but otherwise, trend were mostly declining. Average spot prices went from about 78 USD/barrel in Jan’23 to about 70 USD/barrel in June’23.

Analyst Insight

According to Procurement Resource, with a global slowdown in the crude oil market, some jump is expected in the coming months, as the oil companies will make efforts to raise their profit margins.
 

Crude Oil Price Trend for the Second Half of 2022

Asia

The Crude Oil Price Trend witnessed high price volatility throughout the Asian market. With lowered demand and higher power cuts, crude oil prices fell during the start of the said period. The crude oil prices stabilized and plateaued for a while but fell again sharply as the prices in the international market suffered. Despite the tight supply, the prices fell as the Chinese powerhouse was still reeling under the pressure of covid restrictions and the Russian invasion of Ukraine.

Europe

As compared with the previous quarter, the crude oil prices fell during the said period though they were higher than the last year’s levels. The Brents crude oil in Germany averaged 89.76 USD/barrel (FOB Europe) (approx..) towards the end of Q3. The same trend continued in Q4 with prices averaging 80.92 USD/barrel (FOB Europe) in December’22. Though the international prices fell as the restrictions eased and the demand from industrial powerhouse China recovered, the prices in Europe still maintained higher values being the most hard-hit region considering the Russia-Ukraine conflict.

North America

The trend in the US domestic market mimicked the global outlook, and crude oil prices fell drastically. The crude oil prices went from 108.43 USD/barrel in July to 78.49 USD/barrel (Spot USA) (approx..) in December’22. The rising inflation, coupled with contractionary monetary policy and lowered demand, led to baulking of buyers, thereby crashing the prices.

Analyst Insight

According to Procurement Resource, crude oil prices are expected to decline with occasional fluctuations in the coming months. As the international market recovers from the economic turmoil inflicted last year, the prices of crude oil are likely to stabilize.
 

Crude Oil Price Trend For the Second Quarter of 2022

Asia

Due to the supply chain constraints owing to the Russo-Ukrainian conflict, crude oil prices soared globally. During the said forecast period, the price in the Indian domestic market went from 9116 INR/barrel to 8555 INR/barrel. The price trend of crude oil remained firm in the market despite tightening international supply.

However, towards the end, a slight decrease was recorded due to the volatility in the crude oil futures amidst the fear of worldwide recession and the demand destruction due to the record high prices.

Europe

Europe has struggled with an acute energy crisis since the Russian invasion of Ukraine, as many of its member states depend on Russia for their energy needs. The Brent crude oil prices went from 105.8 USD/bbl in April 2022 to 120.1 USD/bbl in June 2022.

Its counterpart, the WTI crude oil prices, went from 101.8 USD/bbl in April 2022 to 114.6 USD/bbl towards the end of this quarter.

North America

During the said quarter, international futures continued to rise further. The US WTI averaged 118.87 USD/bbl at the same time, the Brent crude oil averaged 119.72 USD/bbl in the domestic market.

Soaring prices in the domestic arena were due to the tightened global supply and increased demand from Europe and China (after the lifting of covid restrictions). Though OPEC adjusted its pricing policy, the effect produced was minimal; hence, no simultaneous impact was seen on the increased prices.
 

Crude Oil Price Trend For the First Quarter of 2022

Asia

In the afternoon of Asian trading hours, oil prices continued to rise, with international benchmark Brent crude futures up 6.17% to 111.45 USD/barrel. Crude oil prices in the United States rose 6.1% to 109.72 USD/barrel. Brent had previously been increased to a high of 111.78 USD/barrel, a figure not seen since January 2013. Crude oil prices have risen sharply in recent days as Russia continues its attack on Ukraine.

Europe

The brent crude oil prices in Europe stood at 117.25 USD/barrel in March as a result of a continuous increase in prices since December. The constant rise in crude oil prices can be attributed to the tensions between Russia and Ukraine, leading to the several sanctions imposed by the European Union and many individual European nations leading to the decline in exports from Russia.

North America

During March, crude oil prices continued their decline, but natural gas futures surged to their highest level since 2008. ExxonMobil XOM and Shell SHEL both provided information on their anticipated first-quarter earnings on the news front. Murphy Oil MUR, Equinor EQNR, and Petrobras PBR all made the news. In general, the sector had a mixed seven-day period. WTI crude futures fell 1.2% to 98.26 USD/barrel, but natural gas prices increased over 10% to 6.278 USD/MMBtu. The oil market, in particular, declined for the fourth time in five weeks.

Latin America

Brazilian state-run energy company Petrobras closely monitored worldwide oil price movements following Russia's invasion of Ukraine before making any decisions on local gasoline pricing. Crude oil prices rose during the quarter, with global benchmark Brent oil going above 105 USD/barrel for the first time since 2014, as Russia's war on Ukraine intensified fears about interruptions to global energy supplies.

The business, officially Petroleo Brasileiro SA, claimed it aligns local pricing with international rates but permitted prices to decouple during brief periods when it perceived worldwide volatility to be a consequence of short-term shocks rather than fundamental issues.
 

Crude Oil Price Trend For the Fourth Quarter of 2021

Asia

Crude oil prices fell in the Asia Pacific region during the fourth quarter of 2021. Though demand outlooks in all Asia Pacific nations remained stable during the quarter, prices increased significantly in October, aided by the early-trade collapse in Chinese coal and other commodities. However, in November, they fell due to increased availability, as the American President asked nations such as China, Japan, and South Korea to release their crude oil stocks in order to enhance total output.

Additionally, prices fell further in the final month of the quarter due to the growing prospect of a decline in demand as a result of the global spread of the new corona virus type, Omicron. As a result, the monthly average price of Crude Oil WTI in India fell from 83.47 USD/barrel in October to 71.57 USD/barrel in December.

Europe

The European market seemed to be optimistic in the fourth quarter of 2021, owing to high demand and restricted supply. Crude oil prices remained steady during the time as a result of the European region's natural gas problem, and therefore demand pressure transferred to crude.

However, a little decline in prices was witnessed in December on fears of a demand collapse due to the growing number of Omicron cases. Thus, Brent Crude Oil (Germany) monthly average prices were rangebound in October and November, hovering around 79.45 to 80.70 USD/barrel.

North America

In Q4 2021, the North American market witnessed an overall negative trend. In October and November, crude oil prices were robust due to supply constraints and strong demand. The influence of Hurricane Ida, which resulted in the closure of refineries, was also felt by the market in this quarter.

However, in the last month of the quarter, a sharp decrease in the offers was noted as a result of rising coronavirus infections globally, which seemed to be a threat to Crude's demand forecast. Additionally, supply improvements assisted the pricing trend. Thus, the month-average price of WTI Crude Oil was 71.84 USD/barrel in December, a decrease of around 10 USD/barrel from October.

Middle East

Crude oil prices recovered before soaring since the depths of a collapse in the spring of 2020, with Brent crude prices skyrocketing from 19 USD/barrel in April 2020 to a three-year high of 86 USD/barrel in October 2021, the prospects for sustained high oil prices for Gulf producers seem to be bleak.

As oil demand began to recover in late 2021, the difficulty in delivering other types of energy items ranging from natural gas to coal raised energy costs internationally, marching alongside inflationary pressures on everything from food to consumer goods. Indeed, many experts and OPEC+ member oil ministers anticipate a more balanced market by mid-2022, as well as a drop in prices, maybe to the 55 USD range, within the following year.
 

Crude Oil Price Trend For First, Second and Third Quarters of 2021

Asia

The market remained stubbornly high in the APAC area, as big customers sought additional barrels and demand became robust as numerous downstream sectors resumed operations following a recovery. Refiners' primary focus had been on Chinese and Indian spot demand as activities increased, driving rising gasoline demand. In mid-March, the Indian Oil Corporation (IOCL) filed a tender seeking sweet crude from West Africa and other places.

China recorded an increase in Brent Crude imports from Iran. Asia’s consumption increased in June as mass immunization programs relaxed limitations in some parts of the region and market sentiments remained positive. As a result of the ripple effect, the Crude Oil Price Trend in India had been positive since April's slow decline. Brent Crude hit 71.23 USD/barrel in June, indicating a 9.53 % increase in the second quarter of 2021.

In the third quarter of 2021, demand in the Asia Pacific region remained moderate to high. The Chinese government's move on 9 September to auction crude oil reserves was expected to lower imports by at least 2% year on year. In accordance with the new strategy, the government held its first auction on 24th September, offloading 7.38 million barrels from state reserves. Crude oil prices in India were evaluated at 75.03 USD/barrel in September, indicating a 6.53 USD/barrel increase in the third quarter of 2021.

Europe

European crude oil prices fell as demand declined due to weakening market sentiments and other restrained economic activity across the region. Almost all petroleum stockpiles, including crude and associated products, increased in March, with a significant rise observed compared to January and February. Demand prospects improved as regional offtakes increased as a result of the resumption of many crackers and refineries, as well as improved downstream production rates.

Demand was bolstered by a mass immunization programme and burgeoning market activity. Europe Brent Crude spot prices were 73.16 USD/barrel in June. During the third quarter of 2021, the market displayed mixed prospects. Energy constraints in Europe continue to weigh on oil markets, with diesel futures trading in severe backwardation, owing to a transition to gasoil/diesel generation in Q3. Throughout the quarter, demand remained high. European Brent Crude spot prices were estimated at 74.92 USD/barrel in June.

North America

The North American market had a significant supply shortage due to strong freeze weather conditions in Texas and the surrounding US Gulf coast region, resulting in regional output restrictions by the extractors. Demand was mixed owing to the suspension of major US Gulf Coast refineries in mid-February, including those of Dow Chemicals and ExxonMobil, as well as force majeure on several downstream petrochemical units. On 11th March, WTI Crude soared to 66 USD/barrel, reaching a multi-month high in a single day.

Restored industrial activity on the US Gulf Coast brightened the prospects for the North American market. The restart of various refineries and crackers increased the demand. The regional supplies were harmed in the second quarter of 2021 by a cyber-attack on the colonial pipeline.

WTI prices continued to grow in Q2 on the back of higher industrial activity and improved volume offtakes, with offers experiencing a multifold increase on a month-over-month basis. In June, WTI crude oil was valued at 70.04 USD/barrel, an increase of 8.46 USD/barrel from May.

In Q3 of 2021, the market faced a mixed bag of possibilities. Hurricane Ida, which made landfall near Port Fourchon on the Gulf coast in the final week of August, knocked out 96% of crude oil and 94% of natural gas production in federally administered areas of the Gulf of Mexico in the United States. From August 27 to September 3, gross inputs into Gulf Coast refineries decreased by 1.6 million barrels per day. By September's conclusion, a large number of refineries restarted operations.
 
Latin America

Colombia ranks third in Latin America's oil production, after Brazil and Mexico. The Andean country is a significant commercial partner of the United States, accounting for the fifth highest share of US oil imports, after only Saudi Arabia and Russia. Colombia delivered an average of 203,000 b/d, or 2.4% of total US crude oil imports in 2021, according to  US EIA statistics.

While the conflict-torn country formerly produced more than a million b/d on average, hitting 1,005,600 b/d in 2015, oil output has been slowly dropping since then. There are indications that, despite a successful 2021 bid cycle that resulted in the award of 30 contracts totaling around $149 million in investment, Colombia's production growth will stay subdued and will eventually return to pre-pandemic levels of roughly 900,000 barrels daily.

Middle East

Saudi Arabia's top oil exporter was expected to raise its August official selling prices (OSP) for Asia for the second month in a row, tracking higher crude benchmarks. The August OSP for Saudi flagship grade Arab Light was expected to rise by 65 cents a barrel, with forecasts ranging from 50 cents to 70 cents.

In June, Asia's refining margin for gasoline averaged 5.40 USD/barrel, 12% lower than the previous month's average of 6.16 USD/barrel, while the naphtha crack climbed marginally. Saudi Aramco sets its crude pricing based on client suggestions and after estimating the change in the value of its oil during the previous month, based on yields and product prices.
 

Crude Oil Price Trend For the Year 2020

Asia

The market in Asian countries expanded somewhat in the last quarter of 2020 as the pandemic's influence subsided. Nationwide lockdowns in major economies wreaked havoc on the crude oil business. In October, the majority of Asian nations, including India and China, recovered significantly from the impacts of Covid19 and reopened their economy. Moving forward to November, the petroleum industry recovered effectively by roughly 10%, and demand returned to normal levels by the end of the fourth quarter.

Demand was projected to increase further in the first quarter of 2021, as the aviation sector worked toward full utilization. The aviation sector recovered at a rate of roughly 13% per month (in India) in the last quarter of 2020, following a precipitous decline in the first half of the year. Thus, on the final day of 2020, OPEC's daily basket price for Brent Crude increased to 51.80 USD/barrel, while US West Texas Crude increased to 48.52 USD/barrel.

Europe

The Brent Crude oil prices in Europe were around 18.38 USD/barrel which was lowest since 2004. The prices eventually recovered for the next three quarters reaching a value of 44.74 USD/barrel during the month of August and increased further for the rest of the year reaching 81.05 USD/barrel by the end of November.

North America

North America retains a sizable crude oil production capacity due to the presence of several operators. In the last quarter of 2020, production rates were consistent with pre-Covid-19 levels, while demand continued to face headwinds owing to a sluggish recovery in some downstream businesses. Contrary to forecasts, prices in the United States fell further 4% in October. The decline in prices impacted the majority of oil producing enterprises, resulting in the loss of thousands of jobs.

Storm Zeta in the Gulf of Mexico momentarily alleviated the price decline caused by the mandatory measures announced on some of the region's production facilities. Although the number of rigs in the United States climbed at the end of the quarter, both the United States and Canada have expressed a desire to cut crude oil output in the coming years in order to minimize their carbon emissions.  US West Texas Intermediate (WTI) crude lost 53 cents, or 1.5%, to 35.64 USD/barrel.

Latin America

Brazil was the only oil-producing country in South America to show an increase in crude oil and condensate output in 2020 compared to 2019. Brazil produced an average of 2.94 million barrels of crude oil and condensate per day in 2020, an increase of more than 150,000 barrel/day (b/d) over 2019. Brazil expanded its output in 2020, despite the worldwide oil demand decline caused by the COVID-19 epidemic. Other South American nations, like Ecuador, had a year-over-year decline in petroleum output in 2020.  In Brazil, export crude oil prices plummeted as low as 0.17 USD/kg in May 2020.

Middle East

The last quarter of 2020 was not kind to several Middle Eastern nations, which suffered severe financial difficulties as a result of the persistent decline in crude oil prices. Additionally, OPEC placed an oil production quota on its member nations in order to curb the output. The restriction exacerbated the situation for nations such as Iraq, whose economies are heavily reliant on crude oil output. Market attitudes improved around the conclusion of the fourth quarter of 2020, when OPEC expressed hope for a relaxation of the January's stringent mandate.

Saudi Arabia set the August price to Asia at plus 1.20 USD/barrel versus the Oman/Dubai average. Aramco increased the price of its Arab Light oil to the United States to a premium of 1.65 USD/barrel above the ASCI (Argus Sour Crude Index), up 0.30 USD from July. It also raised the Arab Light OSP to Northwestern Europe to plus 0.70 USD/barrel over ICE Brent, a 0.40 USD rise from the previous month. Saudi oil OSPs set the pace for Iranian, Kuwaiti, and Iraqi pricing, influencing around 12 million barrels per day of petroleum headed for Asia.

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