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Iraqi Oil Prices Close Week Steady Amid Global Fluctuations

Iraqi Oil Prices See Weekly Close

Iraq’s oil market completed its weekly trading cycle on Saturday, February 1, 2025, reflecting the ongoing dynamics of the global crude market.

As per the latest data, Basra Heavy Crude was priced at $74.98 per barrel, while the average price settled at $78.23 per barrel, marking a modest change of +0.44. These figures pertain to contracts for delivery in March 2025.

Additionally, trends in the global crude oil market indicated a slight downturn. Brent crude prices were recorded at $76.76 per barrel, while the West Texas Intermediate (WTI) benchmark settled at $72.53 per barrel, each experiencing a decrease of -0.20.

Oil Type Price per Barrel Change
Basra Heavy Crude $74.98 +0.44
Average Price $78.23 +0.44
Brent Crude $76.76 -0.20
West Texas Intermediate $72.53 -0.20

This analysis underscores the fluctuations and competitive nature of oil pricing as Iraq navigates its role in the global energy market.

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