Shafaq News/ Basrah crude oil prices skyrocketed during July, as per the monthly report from the Organization of the Petroleum Exporting Countries (OPEC).
The report stated that "Basrah Medium crude oil reached $83.53 in July, an increase of $1.57 or 1.9% compared to $81.96 in June."
"Basrah crude prices have averaged $81.99 per barrel so far in 2024, compared to an average price of $76.56 in 2023."
Notably, Iraq exports 60% of its crude oil to Asia, 25% to Europe, and 15% to the United States.