Iraq’s Basrah crude prices declined on Wednesday, following a broad downturn in global oil markets. Analysts said weaker demand and increased market volatility are the main drivers behind the fall.
According to trading data, Basrah Heavy crude fell by 2.15% to $63.34 per barrel. Basrah Medium also dropped by 2.09%, reaching $65.19 per barrel. These declines reflect ongoing pressure on oil prices amid global concerns about slowing economic activity and rising inventories.
International oil benchmarks also moved lower on the same day. Brent crude futures decreased by 40 cents, or 0.46%, to settle at $64.62 per barrel. West Texas Intermediate (WTI) crude futures fell by 31 cents, or 0.51%, reaching $60.17 per barrel. These movements indicate a global trend affecting crude oil producers worldwide, including Iraq.
Experts noted that Basrah crude prices are closely linked to global oil price trends. As one of OPEC’s largest exporters, Iraq’s oil sector is sensitive to shifts in international demand, particularly from major markets in Asia. The recent decline suggests that demand from these regions has softened, adding to market uncertainty.
The drop in Basrah crude prices highlights the challenges facing Iraq’s oil sector. Despite efforts to stabilize production and expand refining capacity, global market fluctuations continue to affect Iraq’s export revenues. Producers must navigate these changes while managing domestic and international energy needs.
Industry observers believe that prices could recover if global consumption rises or if OPEC and partner countries implement tighter production controls. For now, Iraq and other oil producers remain cautious, monitoring potential supply gluts and shifting market signals that could further influence pricing.