Basra Crude Among OPEC's Lowest Despite Price Increase

KUWAIT CITY, Kuwait — Basra crude oil remained among the lowest-priced varieties in the OPEC basket despite an uptick in Tuesday trading, according to market data. Basra heavy crude rose $2.48 to $68.55 per barrel, while Basra medium crude climbed to $70.65 per barrel. The price gap between Basra and other regional producers remained substantial. Saudi Arabia's Arab Light was quoted at $103.62 per barrel, Kuwait's export blend at $117.51, and the United Arab Emirates' Murban at $94.43. Iran's light crude stood at $90.04, with its heavy variety at $88.14 per barrel. The persistent price differential was attributed to variations in crude quality, density and sulfur content, as well as the Iraqi Oil Marketing Company's competitive discount pricing strategy. Despite the relatively lower positioning within the OPEC basket, Basra crude prices showed gains during the reporting period. No further commentary was immediately available from Iraqi authorities regarding the pricing dynamics.