Weekly Performance of Basra Crude Amid Market Fluctuations
Basra crude grades, specifically "heavy" and "medium," experienced significant downturns over the past week.
In the most recent trading session, which concluded on Friday, Basra heavy crude recorded a slight decline, closing at $76.78 per barrel, representing a weekly decrease of $4.67 or approximately 6.45%. Meanwhile, Basra Mediterranean crude also experienced a decrease, closing at $70.83, resulting in a weekly loss of $4.37, equivalent to 5.81%.
The broader crude oil market reflected a similar trend. Brent crude posted a weekly loss exceeding 5%, closing at $70.36, while U.S. crude finished the week at $64.40.
These declines can be attributed to an increase in U.S. crude stockpiles, which has driven Brent prices down to their lowest levels since December 2021. This market shift comes in response to the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to raise production quotas.
OPEC+ has affirmed its commitment to increasing planned production in April, adding an additional 138,000 barrels per day to the global oil supply, a move anticipated to influence market dynamics significantly in the coming months.
Summary of Weekly Performance
| Crude Type | Closing Price | Weekly Change | Percentage Change |
|---|---|---|---|
| Basra Heavy | $76.78 | -$4.67 | -6.45% |
| Basra Mediterranean | $70.83 | -$4.37 | -5.81% |
| Brent | $70.36 | – (over 5%) | – |
| U.S. Crude | $64.40 | – (Data not specified) | – |
This data highlights the pressures affecting Basra crude prices and the broader implications for the global oil market following OPEC+ decisions.
