Latest news with #BasrahHeavy
Shafaq News
11 hours ago
- Business
- Shafaq News
Basrah crude prices drop despite global oil market steadiness
Shafaq News – Baghdad Iraq's Basrah crude prices fell on Tuesday, even as international oil markets held steady. Basrah Heavy dropped by $0.42 to $67.10 per barrel, while Basrah Medium also declined by $0.42, reaching $70.60 per barrel. Globally, oil prices were largely flat as traders assessed the impact of a new trade deal between the United States and the European Union and awaited the US Federal Reserve's decision on interest rates. As of 06:10 GMT, Brent crude futures edged up by one cent to $70.05 a barrel, while US West Texas Intermediate (WTI) slipped by two cents to $66.69 a barrel.
Shafaq News
3 days ago
- Business
- Shafaq News
Basrah crude ends week lower despite late gains
Shafaq News – Basrah Iraq's Basrah crude grades posted slight weekly losses despite ending Friday's session with modest gains, mirroring a broader global dip in oil prices. Basrah Heavy rose by 57 cents to close at $67.43 per barrel, yet it recorded a weekly decline of 4 cents, or approximately 0.06%. Basrah Medium matched that increase, settling at $70.48, but also notched a weekly loss of 4 cents. The performance came amid a broader downturn in global oil markets, driven by negative economic signals from both the US and China and signs of rising supply. This muted outlook overshadowed recent optimism stemming from US economic agreements that could boost global growth and support oil demand. Benchmark Brent crude fell by roughly 1% over the week, while West Texas Intermediate (WTI) dropped nearly 3%.
Shafaq News
6 days ago
- Business
- Shafaq News
Basrah crudes drops despite global oil rebound
Shafaq News – Basrah On Wednesday, prices of Basrah crude grades declined despite a rebound in global oil markets. Basrah Heavy crude dropped by 58 cents, or approximately 0.86%, to settle at $66.89 per barrel. Basrah Medium also fell by 58 cents, or 0.82%, to $69.94 per barrel. This comes as international oil prices recovered after three consecutive sessions of losses. The rebound followed signs of progress in trade talks between the United States and Japan, and a poll indicating a decline in US crude inventories last week, suggesting stronger demand. Brent crude rose to $68.92 per barrel, while US West Texas Intermediate (WTI) crude reached $65.64.
Shafaq News
22-07-2025
- Business
- Shafaq News
Basrah crude prices rise despite global oil market downturn
Shafaq News – Baghdad Basrah crude prices climbed on Tuesday despite a drop in global oil markets. Basrah Heavy rose by $0.32 to reach $67.47 per barrel, while Basrah Medium increased by the same amount, reaching $70.52 per barrel. The global decline was driven by concerns over slowing trade activity and its potential impact on fuel demand, amid escalating trade tensions between the United States and the European Union—two of the world's largest crude consumers. Brent crude slipped to $68.69 per barrel, while US West Texas Intermediate (WTI) settled at $66.69.
Iraqi News
21-07-2025
- Business
- Iraqi News
Iraq's oil shipments expected to increase as output rises
Baghdad ( – Iraq will increase its shipments of crude oil next month as part of an expanded export program, signaling that the OPEC+ country is increasing its oil output. Sources familiar with the situation said that OPEC's second-largest oil producer plans to increase exports of destination-free Basrah Medium crude to around 18 million barrels next month, according to Bloomberg. According to one source, the planned increase is significantly higher than the levels seen in July and is expected to lead to a slight increase in overall exports. OPEC and its partners are in the midst of a production surge that has so far projected greater oil supplies than it delivers. The entire supply of destination-free crude would be around four million barrels, or between 20 and 30 percent higher than average monthly volumes. OPEC and its partners have raised output in recent months. That decision, which reverses years of supply constraints, comes amid indications of a worldwide supply surplus. Destination-free shipments are often distributed to supply companies and equity shareholders and are in great demand. Shell, TotalEnergies, and China National Petroleum Corporation are all equity producers. A few kinds of Middle Eastern crudes are marketed on a destination-restricted basis, which means they may only be sent to a particular refinery or consumer and cannot be easily traded. The entire initiative includes both destination-free and destination-restricted shipments of Basrah Medium and Basrah Heavy crudes, as well as minor quantities of the Qayara grade. Iraq is one among several OPEC+ members that have previously surpassed their production limitations. If a greater ceiling was permitted, any additional output would make it more difficult for Iraq to fulfill its objective.
