Iraq’s Basrah crude prices ended the week mixed after modest market movements. The changes reflected global trends in oil trading as production increased across several major markets.
Basrah Heavy closed the week slightly lower. It rose by $1.12 to $64.68 per barrel but posted a small weekly loss of 2 cents, equal to 0.03%. In contrast, Basrah Medium finished the week with gains. It climbed by $1.12 to reach $66.53 per barrel, marking a weekly increase of 68 cents, or about 1.03%. The performance of Basrah crude prices showed the steady resilience of Iraq’s export market despite global uncertainty.
Global oil benchmarks also ended mixed results. Brent and West Texas Intermediate (WTI) both declined by about 3% in October. Analysts say the fall came as traders expected supply growth to outpace demand this year. OPEC and other major producers boosted output to protect their market share. This increase placed mild pressure on global prices, including Basrah crude prices in Iraq.
However, market observers noted that Iraq remains a key player in regional exports. The Basrah oil grades continue to attract strong demand from Asian buyers, particularly in India and China. These markets rely on Iraq’s consistent production levels and competitive pricing. As global energy trends shift, Basrah crude prices play a crucial role in balancing regional supply.
Experts also pointed out that seasonal factors influenced trading. The global oil market experienced fluctuations due to changing demand patterns and shipping adjustments. Despite short-term variations, Iraq’s production capacity has remained stable. The country continues to pursue steady export growth through its southern terminals.
Additionally, the outlook for Basrah crude prices will depend on OPEC policy and regional stability. Iraq’s commitment to maintaining production levels could help offset volatility in international markets. With oil demand expected to recover in early 2026, prices may stabilize further.
In conclusion, Iraq’s Basrah crude prices ended mixed the week with modest movement. While the Heavy grade dipped slightly, the Medium grade posted gains. Global supply trends, OPEC decisions, and Asia’s strong demand will continue to shape Iraq’s oil market performance.