Shafaq News/ On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) announcedthat Basrah crude oil prices surged during July 2024.

According to OPEC's monthly report, “the price of Basrah Medium reached $83.53 in July, up $1.57 (1.9%) from May's $81.96.”

The report also highlighted that “Basrah crude prices averaged $81.99 this year, compared to $76.75 in 2023.”

Iraq, OPEC's second-largest producer, relies on oil exports for more than 92% of its state budget, exporting 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.