Page 25 - Policy Economic Report - July 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Crude spot prices rebounded in June, supported by a combination of geopolitical risk premiums and
strengthening physical market fundamentals. The North Sea Dated benchmark led the gains, rising by over
$7/b, m-o-m, marking the strongest increase among the major spot benchmarks. Spot prices were
bolstered by concerns over short-term supply availability amid escalating geopolitical tensions in the
Middle East and Eastern Europe. Renewed buying interest, particularly for prompt-loading cargoes,
contributed to upward pressure, as refiners sought to secure volumes ahead of the anticipated seasonal
increase in demand for transportation fuels during the summer driving season.

In June, the OPEC Reference Basket (ORB) value increased by $6.11, m-o-m, to average $69.73/b, as all
ORB component values increased alongside their respective crude benchmarks.

Brent crude ranged an average to $69.15 a barrel and WTI ranged to $67.09 per barrel in the month of
June 2025.

Figure 13: Benchmark price of Brent, WTI and Dubai crude

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Brent Spot Price ($/bbl) WTI Spot Price ($/bbl) Dubai spot price ($/bbl)

Source- World Bank

• Brent crude price averaged $69.15 per bbl in July 2025, down by 1.4% on a month on month (MoM)
and by 17.7% on year on year (YoY) basis, respectively.

• WTI crude price averaged $67.09 per bbl in July 2025, down by 1.9% on a month on month (MoM)
and by 17.0% on year on year (YoY) basis, respectively.

• Dubai crude price averaged $68.30 per bbl in July 2025, down by 1.6% on a month on month (MoM)
and by 17.9% on year on year (YoY) basis, respectively.

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