Brent crude oil prices averaged USD 73.06 per barrel in September, down 7.5% from August. On 30 September, the commodity traded at USD 71.95 per barrel, down 8.8% from 30 August.
Brent prices fell in September to their lowest level since Russia’s invasion of Ukraine in early 2022. This may reflect a change in market equilibrium, with OPEC+ focusing on beating out non-OPEC+ suppliers and maintaining group unity instead of seeking to boost prices on the spot market. In line with this, media reports in late September suggested Saudi Arabia was close to abandoning its 100-dollar oil-price target. On the demand side, consumption growth in China is slowing as the economy decelerates.
This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.
Brent Crude Oil (prices in US$/bbl, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Brent Crude Oil | 82.24 | 77.89 | 85.88 | 82.97 | 81.87 | 85.02 | 78.87 | - |