Page 27 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

In October, the ORB value rose by 86¢, or 1.2%, m-o-m, to stand at $74.45/b, as ORB component-related
crude benchmarks increased. However, the gain was limited due to lower official selling prices (OSPs) and
a weakening of most crude differentials in all major trading hubs.

Brent crude ranged an average to $73.39 a barrel and WTI ranged to $69.71 per barrel in the month of
November 2024.

Figure 9: 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 $73.39 per bbl in November 2024, down by 2.2% on a month on month
(MoM) and by 10.8% on year on year (YoY) basis, respectively.

• WTI crude price averaged $69.71 per bbl in November 2024, down by 2.1% on a month on month
(MoM) and by 10.2% on year on year (YoY) basis, respectively.

• Dubai crude price averaged $72.54 per bbl in November 2024, down by 2.2% on a month on month
(MoM) and by 10.8% on year on year (YoY) basis, respectively.

Table 2: Crude oil price in November, 2024

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 73.39
WTI 69.71 -2.2% -10.8%
Dubai 72.54 -2.1% -10.2%
Source- World Bank -2.2% -10.8%

November 2024 Page | 26