Basrah crude oil prices increased in contrast to falling global benchmarks, showing strength in Iraq’s oil sector. On Wednesday, both Basrah Heavy and Basrah Medium crude posted gains, signaling steady regional demand and strong refinery interest.
Basrah Heavy rose by $1.22, reaching $67.90 per barrel. At the same time, Basrah Medium climbed to $71 per barrel, mirroring the same $1.22 jump. These Basrah crude oil price movements came even as international oil prices declined, driven by concerns over U.S. tariff developments and investor caution.
Brent crude, a key global benchmark, fell to $69.95 per barrel after peaking at a two-week high. Likewise, U.S. West Texas Intermediate (WTI) settled at $68.12. The price retreat followed growing fears of economic disruption triggered by potential new U.S. trade restrictions.
However, Basrah’s gains reflect unique regional dynamics. Refiners in Asia and the Middle East continue to seek Iraqi grades, particularly Basrah Medium, which offers favorable yields for complex refineries. Market sources indicated that some buyers may have shifted interest from African and Russian barrels toward Iraqi crude due to pricing advantages and stable supply.
Furthermore, Iraqi oil officials emphasized that production volumes remain consistent, with southern terminals operating normally. This operational stability contributes to confidence among international buyers and may help cushion Iraq from broader market volatility.
Additionally, traders pointed to long-term contracts between Iraq and its main buyers, particularly in China and India, as key factors supporting Basrah crude prices. These agreements insulate Iraq’s exports from immediate market swings and ensure baseline demand.
Despite headwinds in the global oil market, Iraq continues to leverage its production capacity and export infrastructure. Basrah grades remain essential to Iraq’s economic outlook and continue to perform well even amid global price fluctuations.
Analysts believe that sustained performance of Basrah crudes could support government revenue, especially if global prices remain unstable. Iraq’s ability to maintain export competitiveness may help stabilize its budget and offset other economic challenges.