Page 32 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

In March, the ORB value increased by $48.46/b, m-o-m, to average $116.36/b. West and North African
Basket components Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend and Zafiro increased by an
average of $32.51/b, m-o-m, to $102.40/b. Multiple-region destination grades, including Arab Light,
Basrah Medium, Iran Heavy and Kuwait Export, rose on average by $54.72/b, m-o-m, to $121.82/b.
Murban crude rose on average by $41.41/b, m-o-m, to $110.86/b, and the Merey component increased
by $33.61/b, m-o-m, to settle at $85.92/b.

Brent crude ranged an average to $101.09 a barrel and WTI ranged to $97.66 per barrel in the month of
April 2026.

Figure 10: Benchmark price of Brent, WTI and Dubai crude

125
115
105

95
85
75
65
55
45
35
25

Brent Spot Price ($/bbl) WTI Spot Price ($/bbl) Dubai spot price ($/bbl)

Source - World Bank

• Brent crude price averaged $101.09 per bbl in April 2026, up by 3.3% on a month on month (MoM)
and by 51.5% on year on year (YoY) basis, respectively.

• WTI crude price averaged $97.66 per bbl in April 2026, up by 7.6% on a month on month (MoM) and
by 54.0% on year on year (YoY) basis, respectively.

• Dubai crude price averaged $112.95 per bbl in April 2026, up by 9.8% on a month on month (MoM)
and by 71.5% on year on year (YoY) basis, respectively.

Table 4: Crude oil price in April, 2026

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 101.09
WTI 97.66 3.3% 51.5%
Dubai 112.95 7.6% 54.0%
Source - World Bank 9.8% 71.5%

April 2026 Page | 31