Iraq introduces new discounts on Basra crude oil prices
Iraq introduces new discounts on Basra crude oil prices
2026-11-09
Shafaq News – Baghdad
Iraq’s State Oil Marketing Organization (SOMO) announced on Monday a reduction in the official selling prices of Basra Medium and Heavy crude oil destined for Asian markets during the month of December.
The company set the price of Basra Medium crude at a discount of $8.80 per barrel, compared to the average prices of Oman and Dubai crude during the previous month, according to Reuters.
It also set the price of Basra Heavy crude at a discount of $11.80 per barrel, compared to the prices of Oman and Dubai crude.
Global oil markets are heading into a new phase of uncertainty, awaiting the course of the confrontation between the United States and Iran, and whether the next phase will witness an agreement that eases tensions or a military escalation that exacerbates supply disruptions, at a time when Iraq and the Gulf states are facing the repercussions of the cessation of large quantities of oil production.
Iraqi Foreign Minister Fuad Hussein reiterated on Sunday that Iraq had incurred financial losses estimated at around $60 billion due to the halt in oil exports through the Strait of Hormuz for approximately four months because of the war and regional tensions.
shafaq.com
