Iraqi oil prices drop over 8% despite global market gains

Iraqi crude oil prices declined sharply on Thursday, March 26, diverging from the upward trend in global benchmark markets.

According to Shafaq News, Basrah Heavy crude dropped by $9.75, or 8.22%, settling at $108.93 per barrel. Basrah Medium crude also fell by $9.75, representing an 8.07% decrease, to $111.03 per barrel.

The decline came despite gains in major global oil benchmarks. Brent crude rose to $103.22 per barrel, while US West Texas Intermediate (WTI) increased to $91.50 per barrel, partially recovering from losses recorded in the previous trading session.

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

By Tamilla Hasanova