Basrah crude prices dropped sharply this week as global oil markets faced significant pressure. Both Basrah Heavy and Basrah Medium grades recorded losses exceeding 7%, reflecting the broader downturn driven by rising OPEC+ output and weakening demand.
Basrah Heavy crude fell by $0.9 to close at $63.21 per barrel. Throughout the week, it lost $5.03, marking a 7.96% decline. Likewise, Basrah Medium crude ended at $64.76 per barrel, down $0.98 for the day and $5.02 over the week, translating to a 7.75% loss. These numbers highlight the growing strain in Iraq’s oil market as global prices continue to drop.
International benchmarks followed a similar pattern. Brent crude futures declined by $5.70, or 8.1%, to settle at $64.53 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) fell $4.96, or 7.4%, to end the week at $60.88 per barrel. These consistent declines show that market sentiment remains fragile.
Analysts linked the steep fall in Basrah crude prices to rising supply expectations from OPEC+ producers. They noted that increasing output, coupled with slowing refinery runs and reduced global demand, could create a supply surplus in the coming months. This potential oversupply continues to weigh heavily on prices.
However, despite these setbacks, traders see possible stabilization ahead. If global consumption strengthens and OPEC+ adopts a balanced production approach, Basrah crude prices could recover modestly. The next few weeks will be crucial for determining whether the oil market finds equilibrium or faces deeper declines.
Overall, Basrah crude prices dropped and remain under pressure as Iraq’s oil sector navigates global challenges and volatile demand trends.