Iraq, Baghdad– The price of Iraq’s Basrah Medium crude saw an increase in January, according to the latest report from the Organization of the Petroleum Exporting Countries (OPEC).
OPEC’s monthly report indicated that the average price of Basrah Medium stood at $77.98 per barrel in January, up from $71.87 in December. This marks a rise of $6.11, or 8.5%.
The report also highlighted that Iraq’s Basrah crude average in 2025 remains slightly below the $78.21 recorded during the same period in 2024.
As OPEC’s second-largest producer, Iraq continues to export the majority of its crude to Asia, accounting for approximately 60% of shipments, while 25% goes to Europe and 15% to the United States.
