Basrah crude surges toward $67 mark in February
Shafaq News- Baghdad
Iraq’s Basrah Medium crude jumped to $66.77 per barrel in February, rising $5.49 from January, the Organization of the Petroleum Exporting Countries (OPEC) reported on Sunday.
In its February report, OPEC noted that, despite the monthly increase, the annual average price of Basrah Medium stands at $63.96 per barrel in 2026, down from $79.74 per barrel in 2025.
Meanwhile, the OPEC reference basket* also climbed, averaging $67.90 per barrel in February, up from $62.31 per barrel in January.
Among individual crudes, Algeria’s Sahara Blend led with $73.59 per barrel, followed by Nigeria’s Bonny Light at $71.96, Libya’s Es Sider at $71.14, Gabon’s Rabi Light at $70.63, the UAE’s Murban at $69.45, and Saudi Arabia’s Arab Light at $68.40 per barrel.
Iraq continues to send the bulk of its crude exports to Asia, with 70% of shipments directed to the region, 20% to Europe, and 10% to the United States, according to industry sources.
*The OPEC reference basket includes Sahara Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (United Arab Emirates), and Merey (Venezuela).
