Basra crude oil prices decline in global trade

Basra crude oil prices declined during today's daily trading in the global market on Monday, according to available information.

The data showed that the average Basra crude fell to $57.09 per barrel, while heavy Basra crude recorded $60.19 per barrel, registering declines of 0.13% and 5.13%, respectively.

In global markets, British Brent crude stood at $72.79 per barrel, while the price of US West Texas Intermediate crude reached $68.82 per barrel, with slight changes of +0.15% and -0.6%, respectively.

No official comment was issued by the Iraqi Ministry of Oil or the State Oil Marketing Organization (SOMO) regarding the expected impact of this decline on oil revenues or the general budget.

Iraq heavily relies on oil revenues to finance government expenditures, with oil accounting for more than 90% of public revenues, raising questions about the impact of price fluctuations on financial stability.

Background on price fluctuations: These declines come amid mixed performance in global markets, influenced by geopolitical and economic factors, including global demand expectations and policies of oil-producing countries.

It remains unclear whether the Iraqi government has taken precautionary measures to address potential revenue shortfalls, amid parliamentary calls to improve resource management and reduce dependence on oil.