News Shafaq/ Basra Heavy Price dropped 3.13$ (2.90%) on Tuesday.
OPEC prices recorded:
| OPEC Members | Last | Oil price/barrel ($) |
| Iraq | Basra Heavy | 104.66 |
| KSA | Arab Extra Light | 114.62 |
| UAE | Murban | 112.30 |
| Algeria | Saharan | 116.44 |
| Nigeria | Bonny light | 114.12 |
| Iran | Iran Heavy | 108.94 |
On Tuesday, Oil prices extended losses from the previous day as Ukraine and Russia headed for peace talks, and concerns about demand as China's financial hub of Shanghai shut down to curb a surge in COVID-19 cases.
Brent crude futures were down 60 cents, or 0.5%, at $111.88 a barrel at 0649 GMT, falling as low as $109.97.
U.S. West Texas Intermediate (WTI) crude futures were down 59 cents, or 0.6%, at $105.37after hitting a low of $103.46.