OPEC: Basra Medium crude fell $6.73 in July to average $78.37

BAGHDAD, Iraq — Basra Medium crude oil averaged $78.37 a barrel in July, a monthly decline of $6.73 from $85.10 in June, according to OPEC's Monthly Oil Market Report dated August 2026. The grade ranked third among the largest monthly drops in the OPEC reference basket. Other basket grades also posted sharp declines in July. Kuwait Export crude lost $10.26, Saudi Light fell $9.01 and Iran Heavy dropped $8.70, the report showed. The OPEC reference basket itself averaged $82.99 in July, down $6.76 from $89.75 in June. OPEC data indicated that Basra Medium's year-to-date average through the end of July stood at $91.24, compared with $71.27 for the full year 2025, a year-on-year increase of roughly 28%. The OPEC basket's 2026 average through July reached $92.04, against $71.88 for all of 2025. The figures point to a continued decline in crude prices in July after a sharp drop in June, even as 2026 averages remained well above 2025 levels.