Shafaq News/Basra Heavy and Basra Intermediate crude oil prices surged on Wednesday, reaching $90 per Barrel. Basra Heavy Crude prices increased by 17 cents, or 0.20%, to reach $86.61, while Basra Medium Crude prices also rose by 17 cents, or 0.20%, to go to $89.56.
This rise in oil prices comes amid global price increases due to supply shortages. Saudi Arabia's announcement of continuing to reduce its production by one million barrels, along with the scheduled reduction by OPEC member countries, has contributed to the increase in oil prices.
On Tuesday, Basra Heavy and Basra Intermediate Crude prices rose by more than one dollar, reaching approximately $90 per Barrel.