Iraq Basra crudes decline in price even while global oil benchmarks show an upward trend. Traders noted a small but clear dip in Iraq’s exports, which contrasted with stronger performance in Brent and US crude markets. This movement highlights the ongoing volatility in the global oil trade.
Basra Heavy slipped by 39 cents, landing at $65.94 per barrel. At the same time, Basra Medium also fell 39 cents, closing at $67.49 per barrel. Meanwhile, Brent crude reached $67.77 per barrel, maintaining its global lead. US West Texas Intermediate followed with a gain, closing at $63.58 per barrel.
Analysts explained that Iraq Basra crudes decline due to shifting demand from Asian buyers. They also pointed to regional competition from other Middle Eastern suppliers. While global prices gained support from supply concerns and improving demand, Iraq’s crude grades faced weaker buying momentum.
Furthermore, traders mentioned that refining margins in Asia play a major role. Complex refineries prefer lighter grades, which makes Basra Heavy less attractive. As a result, Iraq Basra crudes decline while global benchmarks hold steady or climb higher.
Despite this setback, Iraq continues to emphasize its export capacity. Officials stress that long-term plans will expand output and stabilize market share. Moreover, Iraq seeks to balance production with OPEC agreements while also meeting domestic revenue needs.
In contrast, Brent and WTI benefited from improving economic sentiment and tighter inventories. These factors pushed global benchmarks upward. However, this decline demonstrates how local supply conditions can diverge from broader global momentum.
Looking ahead, experts believe that Iraq will adapt its export strategy. Adjustments to pricing formulas and stronger ties with Asian refiners may improve competitiveness. Until then, Iraq Basra crudes decline serves as a reminder of the challenges oil-exporting countries face in dynamic markets.