Iraqi Oil Prices Experience Significant Decline Amid Global Market Fluctuations
On February 27, 2025, Iraqi oil prices saw a notable downturn in trading activity within the global market. Data indicates that Basra Crude has dropped to $74.61 per barrel, with an average price recorded at $71.56 per barrel, reflecting a decrease of $2.89, all in relation to the delivery scheduled for May 2025.
The figures also reflect a broader decline in crude oil prices globally. Brent crude stands at $72.75 per barrel, while West Texas Intermediate (WTI) crude is priced at $68.75 per barrel, both experiencing a downward adjustment of $0.33.
| Type of Crude | Price per Barrel | Change |
|---|---|---|
| Basra Crude | $74.61 | -$2.89 |
| Average Crude | $71.56 | – |
| Brent Crude | $72.75 | -$0.33 |
| West Texas Intermediate | $68.75 | -$0.33 |
This significant drop in prices signals a volatile phase for Iraqi oil, underlining the impact of shifting global market dynamics. The industry stakeholders will need to closely monitor these trends to navigate the changing economic landscape effectively.
