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OPEC Reports Minor Increase in Basra Oil Prices for December

Basra Crude Oil Prices Exhibit Growth in December

According to the latest report from OPEC, Basra Mediterranean crude oil prices marked an increase in December. The price for this grade of crude averaged $71.87 per barrel, reflecting a rise of $0.14, or 0.2%, compared to $71.73 in November.

The report further indicated that Basra Mediterranean crude is anticipated to maintain a higher price trajectory in 2024, with a projected average of $78.37 per barrel, compared to a recorded average of $80.68 in 2023.

Currently, Iraq’s crude oil exports are directed predominantly towards Asia, accounting for 60% of total exports. Europe receives 25% of Iraq’s crude oil exports, while the remaining 15% is sent to the Americas.

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