Despite a drop in global oil benchmarks, Basrah crude prices rise weekly and show continued resilience. This week, both Basrah Heavy and Basrah Medium recorded gains, defying the downward trend seen in major international oil markets.
Basrah Heavy gained 32 cents and closed the week at $67.47 per barrel. This marked a weekly increase of 18 cents, or 0.27%. Meanwhile, Basrah Medium also climbed 32 cents, ending at $70.52 per barrel. Its weekly rise reached $1.41, or 2.04%. These steady increases highlight growing demand and confidence in Iraq’s oil exports.
In contrast, Brent crude and US West Texas Intermediate (WTI) slightly declined. Each fell by approximately 0.05% from their previous weekly closings. That drop signaled global market uncertainty, likely tied to shifting demand expectations and geopolitical factors. Still, Basrah crude prices rise weekly, bucking this broader trend.
This contrast between Iraq’s Basrah grades and international benchmarks underscores Iraq’s strategic value in global energy supply. Basrah crudes, especially the Medium grade, have found favor among refiners in Asia due to their ideal blend quality. As global buyers adjust to pricing shifts and regional needs, Iraq’s offerings gain more traction.
Furthermore, Iraq continues to strengthen its production and export capabilities. As a result, its national oil grades, including Basrah Medium and Heavy, keep attracting strong demand. This week’s performance shows how Iraq maintains its competitive edge in the international oil market.
Even though global oil benchmarks showed weakness, Iraq’s export-focused grades managed to move higher. Strong refinery demand, consistent production, and favorable pricing models all contributed. This proves that Basrah crude prices rise weekly, even in a turbulent market environment.
In summary, Iraq’s Basrah crudes closed the week with solid gains, while global oil markets posted slight losses. These results reflect a growing divergence between Iraq’s strong oil fundamentals and broader market sentiment.