Iraq’s Basrah crude prices dropped even as global oil markets gained. The fall surprised many traders who expected local prices to follow the upward trend, especially after recent positive signals from major international energy markets.
Additionally, Basrah Heavy fell by $0.87, or 1.33%, to reach $64.73 per barrel. Basrah Medium also slipped by $0.87, or 1.26%, to settle at $67.98 per barrel. Both grades moved in the same downward direction despite positive signals from global markets.
Worldwide, oil prices climbed due to easing trade tensions. The United States and China agreed to extend the pause on planned tariff increases. This decision calmed fears that worsening trade disputes could damage their economies. It also reduced concerns about weaker fuel demand in the world’s top two oil-consuming countries.
By early trading, Brent crude futures rose by 26 cents to $66.89 per barrel. At the same time, US West Texas Intermediate (WTI) gained 22 cents to trade at $64.18 per barrel.
Additionally, analysts pointed out that Basrah crude prices sometimes move independently from global trends. Local market conditions, shipping costs, and refinery demand often influence daily price changes. Some traders believe that recent refinery maintenance in the region has slowed demand for Basrah grades.
Moreover, others suggest that transportation delays and weather-related issues could also have weighed on Iraqi exports. The market continues to watch for changes in production levels, shipping schedules, and new refinery orders.
Despite the short-term drop, officials remain confident in the long-term strength of Iraq’s oil exports. They emphasize the country’s strategic role as a major supplier in the global energy market.
In conclusion, the fall in Iraqi Basrah crude prices despite global oil gains shows how regional factors can shape local market outcomes. Iraq’s oil industry must adapt to both international trends and domestic realities to remain competitive.