Iraqi Oil Prices Experience Decline in Global Market
On February 5, 2025, Iraqi oil prices faced a drop in the global market during the weekly trading cycle. Key data indicates that heavy Basra crude was priced at $72.38 per barrel, with the average price noted at $75.63 per barrel, reflecting a decrease of 0.68 for the delivery term of Nissan 2025.
Additionally, a slight reduction was observed in global crude prices. Specifically, Brent crude traded at $75.85 per barrel, while the U.S. West Texas Intermediate saw a price of $72.45 per barrel, both experiencing a decline of 0.61.
Type of Crude | Price per Barrel ($) | Change ($) |
---|---|---|
Heavy Basra Crude | 72.38 | -0.68 |
Average Price | 75.63 | – |
Brent Crude | 75.85 | -0.61 |
U.S. West Texas Intermediate | 72.45 | -0.61 |
This decline in oil prices may signal broader market trends and implications for Iraqi oil revenue as it navigates the fluctuating landscape of global commodities.