Shafaq News – Baghdad

The price of Iraq’s Basrah Medium crude rose by more than a dollar in July, according to the Organization of the Petroleum Exporting Countries (OPEC) in its August monthly report.

OPEC data showed that Basrah Medium averaged $70.58 per barrel last month, up $1.34 from $69.24 in June. The average price for Iraqi crude during the first seven months of 2025 stood at $71.27, compared with $81.99 for the same period in 2024.

The report also indicated that the average price of OPEC’s crude basket increased to $69.82 per barrel in July, from $68.90 in June.

Iraq exports roughly 70% of its crude to Asian markets, around 20% to Europe, and the remaining 10% to the United States.