Page 27 - Policy Economic Report_Jan 25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

contributed to the ORB value decline. In 2024, the ORB value averaged $79.89/b, representing a decline
of $3.06, or 3.7%, compared to 2023.

Brent crude ranged an average to $77.84 a barrel and WTI ranged to $75.20 per barrel in the month of
January 2025.

Figure 14: 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 $77.84 per bbl in January 2025, up by 6.7% on a month on month
(MoM) and down by 1.4% on year on year (YoY) basis, respectively.

? WTI crude price averaged $75.20 per bbl in January 2025, up by 8.0% on a month on month (MoM)
and up by 2.1% on year on year (YoY) basis, respectively.

? Dubai crude price averaged $76.97 per bbl in January 2025, up by 6.7% on a month on month
(MoM) and down by 1.4% on year on year (YoY) basis, respectively.

Table 2: Crude oil price in January, 2025

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 77.84
WTI 75.20 6.7% -1.4%
Dubai 76.97 8.0% 2.1%
Source- World Bank 6.7% -1.4%

January 2025 Page | 26