OPEC: Basrah crude prices surge in July
2024-08-14 15:00:06 - From: Shafaq News
Shafaq News/ On Wednesday, theOrganization of the Petroleum Exporting Countries (OPEC) announcedthatBasrah crude oil prices surged during July 2024.
According to OPEC's monthly report, “theprice of Basrah Medium reached $83.53 in July, up $1.57 (1.9%) from May's$81.96.”
The report also highlighted that “Basrahcrude prices averaged $81.99 this year, compared to $76.75 in 2023.”
Iraq, OPEC's second-largest producer, relies onoil exports for more than 92% of its state budget, exporting 60% of its crudeoil to Asia, 25% to Europe, and 15% to the US.
