Iraq leads OPEC losses as Basra crude underperforms global price rally

KUWAIT CITY, Kuwait — Iraqi crude grades led losses among major OPEC producers even as global oil futures rose more than 2.6%, according to pricing data reviewed from regional markets. Basra Heavy fell to $45.37 a barrel, a drop of $15.39 or 25.33%, while Basra Medium slipped to $47.47, down $10.39 or 17.96%. By contrast, West Texas Intermediate gained $1.83, or 2.60%, to settle at $72.27 a barrel, and Brent crude rose $1.95, or 2.63%, to $76.11. The divergence left benchmark futures and physical crude prices sharply out of step. Other Gulf producers also saw declines. Saudi Arabia's Arab Light fell 13.70% to $65.31 a barrel, and Kuwait's export blend dropped 13.13% to $69.01. The United Arab Emirates' Murban crude bucked the regional trend, rising 3.39% to $71.31. Analysts tracking the data said geopolitical tensions supported benchmark prices, while price differentials and demand-side pressure weighed on heavy and medium sour grades. Basra crude accounts for the largest share of Iraq's oil exports, with most sales handled by the state-run Iraq Oil Marketing Company, known as SOMO.