According to World Bank data, the average global oil price decreased in the third quarter (July-September) of 2024.
Until September 2024, the average price of Brent crude, West Texas Intermediate (WTI), and Dubai crude oil stood at US$72.42 per barrel, the lowest since the beginning of the year.
The average global oil price in September 2024 was also 21% lower year-on-year (compared to September of the previous year), as detailed in the graph.
According to the U.S. Energy Information Administration (EIA), the decline in oil prices during the third quarter of 2024 was partly influenced by a slowing economy.
"Slowing global economic activity and reduced fuel demand in China, coupled with signs of slowing job growth in the United States, have capped oil price increases in recent months," the EIA stated in its September 2024 Short Term Energy Outlook.
"However, we expect oil prices to rise again in the coming months, as a result of OPEC+ production cuts. OPEC+ production cuts have resulted in global oil production being less than consumption," it continued.