Iraq ranks sixth in OPEC’s Arab crude oil prices
Shafaq News/ Iraq ranked sixth in terms of the highest average prices for Arab crude oils in December 2024, the Organization of the Petroleum Exporting Countries (OPEC) reported.
In its monthly report, OPEC stated that Iraq’s Basrah Medium average price stood at $78.37 per barrel, compared to an average of $80.68 per barrel in 2023.
The report also noted that Algeria’s Saharan Blend led the list, achieving the highest price at $81.73 per barrel. Saudi Arabia’s Arab Light followed closely at $81.49 per barrel, while Kuwait’s crude secured third place with $80.65 per barrel.
Additionally, the UAE’s Murban crude ranked fourth at $79.73 per barrel, and Libya’s Es Sider crude came in fifth, averaging $79.72 per barrel.
Notably, Iraq exports 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.
