Iraq’s Basrah crude posts weekly losses as global oil prices dip

Shafaq News/ On Saturday, Iraq’s Basrah crude grades recorded modest weekly losses, tracking declines in global oil benchmarks amid market uncertainty over US trade policy and an upcoming OPEC+ meeting.

Basrah Heavy fell by $1.90 on Friday to close at $60.37 per barrel, marking a weekly loss of 21 cents, or 0.35%. Basrah Medium dropped by the same amount, settling at $63.53 per barrel and posting a similar weekly decline of 21 cents, or 0.33%.

Brent and US West Texas Intermediate (WTI) also closed lower on the week, each shedding over 1%, weighed down by legal ambiguity surrounding potential US tariffs and cautious sentiment ahead of the OPEC+ gathering.

Analysts expect the alliance to assess output policy in light of slowing demand signals and persistent inventory pressure.

Iraq, OPEC’s second-largest producer, relies heavily on Basrah crude exports, which make up the bulk of its federal revenue.