Basra crude prices surge over $5 in July, OPEC says
Shafaq News / In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) revealed that the average price of Basra intermediate crude oil rose by more than $5 during the month of July, reaching an average of $78.82 per barrel compared to $73.03 in June.
The report further noted that the average price of Basra crude oil has seen a cumulative increase of 7.9% from January to July.
OPEC indicated that the average price of Basra crude oil from the beginning of the current year until July 2023 stood at $76.75 per barrel, marking a decrease of 26.5% compared to the average price of $104.02 per barrel in 2022.
Iraq exports approximately 60% of its crude oil to Asia, around 25% to Europe, and 15% to the United States.
