Basrah crude slips as OPEC prices fall in November

Shafaq News – Baghdad

Iraq’s Basrah Medium crude fell to an average of $63.86 per barrel in November, down $1.18 from October, according to the Organization of the Petroleum Exporting Countries (OPEC).

In its monthly report, OPEC showed that Basrah Medium averaged $69.80 per barrel during the first 11 months of 2025, compared with $78.95 over the same period last year, reflecting the broader decline in global oil benchmarks.

OPEC’s reference basket also declined, averaging $64.46 per barrel in November, down from $65.20 in October.

Within OPEC, Indonesia’s Minas recorded the highest average price at $67.40 per barrel, followed by Saudi Arabia’s Arab light at $66.20, then UAE’s Murban at $65.53.

Iraq sends roughly 70% of its crude exports to Asian markets, 20% to Europe, and the remaining 10% to the United States, maintaining its position as one of OPEC’s leading suppliers.