Shafaq News/ Iraq’s BasrahMedium crude oil prices increased in January, the Organization of the PetroleumExporting Countries (OPEC) reported.
In its monthly report, OPECstated that “Basrah Medium average price stood at $77.98 per barrel in January,up from $71.87 in December, marking a $6.11 or 8.5% rise.”
The report also notedthat Iraq’s Basrah average in 2025 is slightly below the $78.21 average for the same period in2024.
Notably, Iraq, OPEC’ssecond-largest producer, exports about 60% of its crude to Asia, 25% to Europe,and 15% to the United States.