Basrah crude posts monthly gains, reaching 82.13$

Shafaq News/ Basrah Crude sees monthly advances according to the OPEC monthly report.

Basrah Medium crude increased by $2.78 or 3.5% in March, reaching $82.13 while registering $79.35 in February. OPEC’s March report said.

Moreover, the report noted that Basra crude oil prices averaged $79.83 per barrel in 2024, compared to an average of $77.08 per barrel in 2023.

According to the report, in March, the OPEC Reference Basket (ORB) value increased by $2.99, or 3.7%, m-o-m, to an average of $84.22/b.

The world economic growth forecasts for 2024 and 2025 remain unchanged at 2.8% and 2.9%, respectively.

In addition, the global oil demand growth forecast for 2024 remains broadly unchanged.

The report expected a rise of 2.25 million barrels per day (bpd) in 2024 and 1.85 million bpd in 2025.