Page 24 - Policy Economic Report - September 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

with light sweet crudes in the Atlantic Basin, as medium sour grades continued to benefit from strong
demand from Asia-Pacific refiners. Spot prices also maintained at a firm premium against futures in
August, reflecting supportive short-term supply/demand fundamentals, despite seasonal demand
softening.

In August, the OPEC Reference Basket (ORB) value dropped by $1.24, m-o-m, to settle at $69.73/b. All
ORB component-related crude benchmarks dropped, which largely offset an increase in most official
selling prices for the Asian market, particularly for medium sour grades.

Brent crude ranged an average to $67.36 a barrel and WTI ranged to $63.52 per barrel in the month of
September 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 $67.36 per bbl in September 2025, up by 0.5% on a month on month
(MoM) and down by 7.6% on year on year (YoY) basis, respectively.

• WTI crude price averaged $63.52 per bbl in September 2025, down by 1.0% on a month on month
(MoM) and by 9.0% on year on year (YoY) basis, respectively.

• Dubai crude price averaged $66.50 per bbl in September 2025, up by 0.5% on a month on month
(MoM) and down by 7.7% on year on year (YoY) basis, respectively.

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