Iraq’s Basrah crude prices increased as global oil markets stabilized following OPEC+ decisions to pause production hikes for early next year. The rise in Basrah grades reflects both Iraq’s resilient oil sector and steady global demand despite market uncertainty.
Basrah Heavy climbed by $1.12, or 1.76%, to settle at $64.68 per barrel. Meanwhile, Basrah Medium rose by $1.12, or 1.71%, closing at $66.53 per barrel. These gains mark a positive shift after several sessions of price fluctuations linked to concerns over a potential supply surplus in early 2026.
By 04:05 GMT, Brent crude futures fell slightly by 15 cents, or 0.2%, to $64.74 per barrel. At the same time, US West Texas Intermediate (WTI) crude slipped 14 cents, or 0.2%, to $60.91. Despite these minor declines, overall sentiment in the oil market remained stable as traders reacted to the OPEC+ production decision.
Analysts said that the pause in OPEC+ production hikes prevented additional downward pressure on prices. They explained that OPEC+ aims to maintain market balance and protect members’ revenue amid moderate global demand growth. The move has been viewed as a stabilizing factor that could support oil prices in the coming months.
In Iraq, as Basrah crude prices increased boost export earnings and strengthen government budgets that depend heavily on oil revenues. Basrah Heavy and Medium grades remain Iraq’s main export streams, with consistent demand from Asian refiners, particularly in China and India.
Experts highlighted that the stable performance of Basrah crude underscores Iraq’s key role within OPEC+. They noted that continued production discipline and infrastructure investment could further enhance the country’s position in the global oil market.
Market analysts expect Basrah crude prices to remain supported if global oil benchmarks stay near current levels. They added that Iraq’s export performance, combined with OPEC+ coordination, will remain vital to sustaining market equilibrium through early 2026.