Basrah Medium sees sharp drop in May prices

Shafaq News/ Iraq’s Basrah Medium crude saw a sharp decline in May, falling by more than $5 per barrel compared to the previous month, according to OPEC’s latest monthly report.

The report indicated that Basrah Medium averaged $63.23 per barrel in May, down by $5.41 from April’s price of $68.64.

OPEC noted that Iraq’s Basrah Medium has been the least affected among Arab crude benchmarks since the beginning of 2025, with a year-to-date decline of $9.85, putting the average barrel price at around $71.82.

Iraq exports 60% of its crude oil to Asia, 25% to Europe, and 15% to the United States.

Kuwaiti and Saudi grades recorded the steepest monthly drops in May, amid broad declines in global oil prices.

The average price of the OPEC basket dropped to $63.62 per barrel in May, down from $68.98 in April—a 7.8% decrease, or $5.36.

Brent crude also posted a monthly drop of $2.45 in May, reaching $64.01 per barrel. Meanwhile, West Texas Intermediate (WTI) fell by $2.02, averaging $60.94 per barrel.