Basrah crudes outpace regional benchmarks despite decline

Shafaq News- Basrah

Iraq’s Basrah crude prices edged lower by 0.12% on Wednesday, outperforming several regional benchmarks.

Basrah Heavy crude fell by 15 cents to $120.93 per barrel, while Basrah Medium crude declined by the same margin to $123.30.

In contrast, Saudi Light stood at $120.30 per barrel, Kuwait crude at $103.79, the UAE’s Murban at $106.70, and Qatar’s Al-Shaheen at $107.

Globally, Brent crude rose $3.08, or 2.8%, to $114.34 per barrel. US West Texas Intermediate (WTI) gained $2.75, or 2.8%, to $102.68.

Iraq prices its crude based on export destinations, with shipments to Asia linked to the Dubai and Oman benchmarks, exports to Europe tied to Brent with premiums or discounts, and cargoes to the United States priced against WTI in line with market conditions.