Iraq’s Basrah Medium crude price slips in December, ranks fourth

Shafaq News– Baghdad

Iraq’s Basrah Medium crude averaged $60.90 per barrel in December 2025, down $2.96 from November, according to the Organization of the Petroleum Exporting Countries (OPEC).

In its January 2026 monthly report, OPEC indicated that Basrah Medium recorded an annual average price of $69.05 per barrel in 2025, compared with $78.37 per barrel in 2024, reflecting a year-on-year decline.

OPEC’s reference basket also fell in December, averaging $61.74 per barrel, compared with $64.46 per barrel in November.

Within the organization, the UAE’s Murban crude topped the price list in December at an average of $63.02 per barrel, followed by Saudi Arabia’s Arab Light at $62.88 and Kuwait Export Crude at $61.19, while Iraq’s Basrah Medium ranked fourth.

According to the report, Iraq exports about 70% of its crude oil to Asia, 20% to Europe, and 10% to the United States.

The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Last month, OPEC said that November Iraq’s Basrah Medium crude averaged $63.86 per barrel, down $1.18 from October.