Market Update: Iraqi Oil Prices Decline
On January 31, 2025, Iraqi oil prices experienced a notable downturn in the global market, translating to a decrease of several dollars per barrel.
Data indicates that heavy Basra crude fell to $74.54 per barrel, with the overall average price recorded at $77.79 per barrel, reflecting a decline of $0.26 for March 2025 deliveries.
Furthermore, global crude prices also saw a slight dip, with Brent crude priced at $77.25 per barrel and US West Texas Intermediate crude at $73.33 per barrel, both declining by $0.22.
Oil Type | Price per Barrel | Change |
---|---|---|
Basra Heavy Crude | $74.54 | -$0.26 |
Average | $77.79 | – |
Brent Crude | $77.25 | -$0.22 |
West Texas Intermediate | $73.33 | -$0.22 |
This data underscores ongoing fluctuations in oil prices, influenced by various global market factors. As the market continues to evolve, stakeholders will need to monitor trends closely to mitigate risks and seize opportunities.