2025-10-14T08:35:20+00:00
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Shafaq News – Baghdad
Iraq’s Basrah Medium crude climbed to an average of $70.40 per barrel in September, up 80 cents from August, according to the Organization of the Petroleum Exporting Countries (OPEC) monthly report released in October.
The report showed that Basrah Medium averaged $70.99 per barrel over the first nine months of 2025, compared with $80.42 during the same period last year, reflecting the broader decline in global oil benchmarks.
Despite the uptick in Basrah prices, OPEC’s reference basket fell to an average of $67.92 per barrel in September, down from $69.82 in August, amid continued supply concerns and market uncertainty.
Within OPEC, Saudi Arabia’s Arab Light ranked highest at $72.62, followed by the UAE’s Murban crude at $72.16, with Iraq’s Basrah Medium taking the third spot among member producers.
Iraq sends roughly 70% of its crude exports to Asian markets, 20% to Europe, and the remaining 10% to the United States, maintaining its position as one of OPEC’s leading suppliers.