Shafaq News/ Iraq's Basrah Light crude oil prices fell by 5.9% in May to $82.13 a barrel, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Sunday.
The decline comes amid weakening demand from Asia, the biggest buyer of Iraqi crude, the report indicated.
Basrah medium crude prices have averaged $81.69 a barrel so far in 2024, compared to an average of $78.15 in 2023, according to OPEC. Iraq exports about 60% of its crude to Asia, 25% to Europe, and 15% to the Americas.