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- October 17, 202611°
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- INTEREST37.00%-1.00
- BITCOIN81,580+0.10%
- October 17, 202611°
Basra Crude Oil Falls Alongside Brent and WTI Amid Continued Pressure in Global Energy Markets
Two grades of Iraq’s Basra crude oil dropped over 3% on Wednesday, widening their discount against Arab producer benchmarks. Brent and WTI also closed lower in the same session.
Two grades of Iraq’s Basra crude oil lost more than 3% on Wednesday, expanding their discount against Arab producer benchmarks. Basra Heavy fell to $51.45 per barrel, approaching the $50 mark.
Basra Medium also declined, dropping to $53.55. As a result, the two main crude types from southern Iraq lagged significantly behind competing regional prices during the day.
Price Gap Widens Against Arab Benchmarks
Saudi Arabia’s Arab Light traded at $85.28, Kuwait Export Crude at $94.84, the UAE’s Murban at $71.81, and Qatar Land at $75.81. This situation caused Basra grades to remain at least $18 below the cheapest Arab benchmark throughout the day.
Basra Heavy fell by $2.05 or 3.83%, and Basra Medium dropped by $2.05 or 3.69%. The decline pushed Iraq’s two reference crudes into a weaker position in regional pricing.
International Oil Benchmarks Also Weaken
Brent crude fell to $78.71, and West Texas Intermediate dropped to $75.71. This global pullback occurred in the same session as the Basra price declines.
Basra Heavy nearing the $50 threshold marks a notable level in Iraq’s oil pricing, with Basra Medium experiencing a similar loss. End-of-day figures showed the discount gap between Basra grades and major oil benchmarks widened further during Wednesday’s session.
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