Shafaq News/ The Organization of the Petroleum ExportingCountries (OPEC) announced on Tuesday that Basrah crude oil prices fell inglobal markets during September.
In its monthly report, OPEC stated that "the price ofBasrah Medium crude reached $72.31 per barrel in September, a decrease of $5.12 or 6.6%, compared to $77.43 in August."
The report added that Basrah crude has averaged $80.42 perbarrel so far in 2024, compared to an average of $79.56 in 2023.
Iraq, OPEC's second-largest producer, relies on oil exportsfor more than 92% of its state budget, exporting 60% of its crude oil to Asia,25% to Europe, and15%totheUS.