Shafaq News/ Basrah Medium crude oil prices surged in December 2024, the Organization of the Petroleum Exporting Countries (OPEC) reported.
In its monthly report, OPEC stated that Basrah Medium crude oil reached $71.87 per barrel in December, up 14 cents, or 0.2%, compared to $71.73 per barrel in November.
The average price of Basrah Medium crude oil in 2024 was $78.37 per barrel, compared to an average of $80.68 per barrel in 2023.
Notably, Iraq exports 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.