Iraq’s Basrah crude drops over 9% as global oil prices rise

Iraq’s Basrah crude prices dropped sharply on Thursday, April 2, diverging from the upward trend in global oil markets, according to Shafaq News.

Basrah Heavy crude fell by $10.96, or 9.79%, to $98.46 per barrel, while Basrah Medium declined by the same amount, losing 9.61% to settle at $100.56 per barrel.

In contrast, global benchmark prices moved higher. Brent crude rose to $107.49 per barrel, and US West Texas Intermediate (WTI) climbed to $105.40, partially recovering losses recorded in the previous trading session.

Iraqi crude pricing varies depending on export destinations. Shipments to Asia are linked to the average prices of Dubai and Oman crude, exports to Europe are benchmarked against Brent, and supplies to the United States are tied to WTI, with premiums or discounts applied based on prevailing market conditions.

By Tamilla Hasanova