Brent prices averaged USD 92.7 per barrel in September, up 8.8% from August’s price and 2.3% higher year on year. Meanwhile, on 29 September, Brent traded at USD 95.4 per barrel, 9.8% higher month on month.
The 8.8% rise in the spot price in September was the sharpest since the war in Ukraine began. The second- and third-sharpest rises were in July and August, respectively, signaling strong recent momentum in the oil market. Data released by the IEA in September showed that global observed oil inventories fell to a 13-month low in August, pointing toward the pressure in the market created by production cuts by Russia and Saudi Arabia, in place since July.
Brent Crude Oil (prices in US$/bbl, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
Brent Crude Oil | - | - | - | - | 97.96 | 112.08 | 97.72 | 88.64 |