Iraq’s Basrah crude grades rose, even as global oil prices fell. Basrah Heavy gained 98 cents, or 1.51%, reaching $65.68 per barrel, while Basrah Medium added $1.68, or 2.55%, to $67.53 per barrel.
Global oil benchmarks fell for a third day. Analysts said OPEC’s plans to boost production outweighed optimism about a possible US-China trade deal. As of 03:59 GMT, Brent crude futures slipped 3 cents to $65.59 per barrel, while WTI crude futures dropped 5 cents to $61.26.
Despite the global decline, Basrah crude grades stayed strong. Steady exports from southern ports and strong regional demand supported the prices. Traders noted that Basrah Medium crude appeals to refiners due to its quality and processing efficiency. Experts added that Iraq’s careful supply management shields local prices from international fluctuations.
Iraq continues to manage production under OPEC quotas. Oil Minister Hayan Abdul Ghani said the country targets 5.5 million barrels per day, while current exports average 3.6 million barrels daily. Analysts noted that resumed exports from Kirkuk and the Kurdistan Region also help stabilize prices.
Regional developments may affect Basrah crude soon. Tensions in the Middle East and energy security concerns could support higher local prices. Iraq’s position as OPEC’s second-largest producer gives it influence over regional and global oil markets.
Overall, the increase in Basrah Heavy and Medium crude prices highlights Iraq’s resilience. Stable exports, careful production management, and regional demand keep Basrah crude competitive. This stability strengthens Iraq’s role in the energy sector and provides confidence to traders and investors alike.