Basra Crude Falls More Than 57 Percent in Weekly Trading

Basra crude oil grades recorded the sharpest decline in global markets this week, suffering a loss exceeding 57 percent. The price per barrel for Basra Heavy dropped by more than $37, settling at $66, while Basra Medium saw a comparable decline to $68. This downturn significantly outpaced other global benchmarks, which experienced only marginal losses. Brent crude fell by 1.32 percent and West Texas Intermediate (WTI) declined by 1.43 percent during the same period. Other international crude varieties also faced downward pressure, though to a lesser extent than Iraqi exports. Russian Urals dropped 4.49 percent, Mexican crude fell 4.42 percent, and UAE Murban crude decreased by 1.42 percent. Iraqi oil export pricing remains structurally linked to the performance of Brent and WTI benchmarks. The disproportionate decline in Basra crude highlights a period of heightened volatility for Iraq's primary export commodity.