Basrah crudes lead regional oil benchmarks

Shafaq News- Basrah

Iraq’s Basrah crudes edged lower by 0.5% on Thursday, outperforming several regional benchmarks.

Market data showed Basrah Heavy falling 56 cents, or 0.50% to $111.94 per barrel, and Basrah Medium crude declined 56 cents, or 0.49%, reaching $114.04 per barrel.

In contrast, several regional grades declined, with Saudi Light at $109.04 per barrel, Qatar’s Al-Shaheen at $97.63, Kuwait crude at $93.64, UAE’s Murban at $103.12, and Iran Light at $94.84.

Globally, Brent crude futures rose $1.37, or 1.3%, to $103.28 a barrel. US West Texas Intermediate (WTI) crude were also up $1.52, or 1.6%, at $94.48.

Iraq prices its crude based on export destinations, with shipments to Asia linked to the Dubai and Oman benchmarks, exports to Europe tied to Brent with premiums or discounts, and cargoes to the United States priced against WTI in line with market conditions.