Basra Crude Prices Surge Over 2% Amid Global Oil Price Increase
2023-07-20T12:34:49+00:00
Shafaq News/ On Thursday, Basra crude prices climbed more than 2% following the surge in global oil prices.
Basra heavy crude prices rose by $1.55, equivalent to 2.04%, reaching $77.53, while Basra medium crude prices also saw a rise of $1.55, or 1.96%, reaching $80.58.
Several central raw materials, including Brent, American, Dubai, and Oman crude, influence Basra crude prices.
The pricing mechanism is based on the sale of Iraqi crude to different regions: to Asia, it is sold according to the prices of Dubai and Oman; to Europe, according to the prices of Brent; and to the United States, based on the calculation of US crude prices.
