Basra crude oil, both heavy and medium grades, suffered considerable losses last week. According to the latest data, Basra Heavy crude closed at $76.78 per barrel on Friday, marking a slight drop of just one cent. This decrease represents a weekly loss of $4.67, or 6.45%.
Similarly, Basra Medium crude also closed lower on the same day, down by one cent to $70.83 per barrel. It recorded a weekly loss of $4.37, which is a 5.81% drop. These significant losses reflect broader trends in the oil market, which has been under pressure.
Brent and American crude oils also saw declines last week, each losing over 5%. Brent crude ended the week at $70.36 per barrel, while American crude closed at $64.40 per barrel. Both benchmarks dropped sharply, with Brent reaching its lowest level since December 2021.
This downturn in oil prices follows a rise in U.S. crude inventories, which has weighed on market sentiment. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, have also contributed to the price slump by deciding to increase their production quotas.
OPEC+ announced that it would proceed with its planned production increase in April, adding an additional 138,000 barrels per day to the market. This decision further pressured prices, pushing them to the lowest levels seen in months.
In conclusion, Basra crude oil, along with other major oil benchmarks, experienced a significant decline last week. The global market continues to adjust to increasing U.S. crude inventories and OPEC+ production increases. These factors have led to a downward trend in oil prices, with analysts closely monitoring future market conditions.