Premium Iraqi oil climbed to the third-highest price among OPEC countries. Iraq continues to strengthen its position in the global energy market with higher crude oil prices. New figures confirm that Iraq’s crude fetched $68.64 per barrel last month.
This price placed Iraq right behind Saudi Arabia and Kuwait, whose crude oils claimed the top two spots. Saudi Arabia’s Arab Light recorded the highest average price at $70.92 per barrel. Kuwait came next with its crude priced at $70.28 per barrel. These figures confirm Iraq’s rising position in the OPEC pricing hierarchy.
Meanwhile, Algeria followed Iraq with its Sahara Blend priced at $67.95. The UAE’s Murban crude reached $67.73, while Libya’s Es Sider trailed behind at $67.00. The data clearly shows that premium Iraqi oil continues to compete strongly within the Arab oil market.
Even as Iraq holds the third spot, OPEC reported a general decline in average Arab crude prices. In April, the average price for Arab crude across OPEC countries stood at $68.75 per barrel. This marks a drop from the $73.65 per barrel recorded in the previous month.
Experts say this overall decline resulted from several factors, including shifting global demand, oil quality differences, and regional economic concerns. Still, premium Iraqi oil resisted a sharp fall, holding steady near the top of the pricing chart.
The rise of premium Iraqi oil reflects increased demand for its quality and grade. Buyers are showing more interest in Iraqi crude due to its refining advantages and growing export accessibility. Iraq’s oil marketing strategies, especially through the State Oil Marketing Organization (SOMO).
Moreover, Iraqi oil’s continued presence among top-priced OPEC barrels boosts national revenue. This pricing edge supports Iraq’s economic plans and strengthens its budget outlook. Energy analysts believe that if trends continue, Iraq could close the gap with Kuwait and even challenge Saudi Arabia in certain months.
In summary, premium Iraqi oil is not just gaining recognition—it is competing head-to-head with some of the most valuable Arab crudes. As Iraq maintains this position, the country’s role within OPEC becomes increasingly influential.