The average price of oil from the major oil-producing nations that make up OPEC increased by 66 cents to roughly $70.39 per barrel in September.
One type of oil in the US, known as West Texas Intermediate (WTI), had a little decrease in price, falling 49 cents to roughly $63.53 per barrel.
However, the price of another kind, known as Brent crude oil, increased by 32 cents to roughly $67.58 per barrel.
“In September, the OPEC Reference Basket (ORB) value increased by 66¢, month-on-month (m-o-m), to average $70.39/b,” OPEC’s latest report states.
“The ICE Brent front-month contract increased by 32¢, m-o-m, to average $67.58/b, while the NYMEX WTI front-month contract dropped by 49¢, m-o-m, to average $63.53/b,” it added.
As per the report, the consistent and robust momentum shown in the first half of 2025 helped the global economy maintain its steady growth trajectory.
The 3.0% and 3.1% growth rates for the global economy in 2025 and 2026, respectively, are still the same.
The 2025 global oil demand growth forecast is still at about 1.3 million barrels per day (mb/d), year over year, which is the same as the estimate from last month.
The Organisation for Economic Co-operation and Development (OECD) expects oil demand to increase by roughly 0.1 mb/d in 2025, whereas the non-OECD expects it to increase by roughly 1.2 mb/d this year.
According to last month’s assessment, non-DoC liquids production, that is, liquids production from nations that are not parties to the Declaration of Cooperation, is expected to increase by roughly 0.8 mb/d, year over year, in 2025.
Natural gas liquids (NGLs) and non-conventional liquids from DoC participating nations are expected to increase by 0.1 mb/d, year-over-year, to an average of 8.6 mb/d in 2025.
With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC’s latest report.
