2024 was a year of modest growth that still didn’t surpass the 10-year high of 2022, a year marked by an impressive number of base oil price increases.
Pricing in the U.S. in 2023 settled into a more steady pattern and can generally be characterized by a somnolent market and subsequent posted price decreases.
As can be sen from the graph below, prices have generally grown over the past 10 year-period.
On the U.S. crude oil front, pricing was similarly steady, experiencing only minor fluctuations from month to month. According to the U.S. Energy Information Administration, the U.S. produced a record amount of crude in in August 2024 –13.4 million barrels per day – and is expected to keep pace in 2025, with an average of 13.37 million bbl/day, more than the 2024 average of 13.21 million.