Decline in Iraqi Oil Prices in Global Markets

Iraqi oil prices recorded a decline today, Saturday, in daily trading on the global market, according to available information.

The data showed a drop in the average Basra crude price to $60.09 per barrel, while the price of heavy Basra crude reached $57.19 per barrel, with changes of -0.16% and -5.16% respectively.

In contrast, global crude prices recorded a slight increase, with Brent crude at $72.79 per barrel and West Texas Intermediate crude at $68.82 per barrel, changes of +0.09% and +0.32% respectively.

No official comment has been issued by the Iraqi Ministry of Oil or the concerned official bodies regarding this decline up to the preparation of this news.

The impact of the decline on the Iraqi economy comes at a time when Iraq heavily relies on oil revenues to finance the general budget, raising questions about its effect on government financial plans.

It is worth noting that the Iraqi government has not announced any measures to address the price decline, amid parliamentary calls to review oil policies and ensure revenue stability.