Basra crude oil prices decline by 13 cents in the past month

Shafaq News / The prices of Basra crude oil retreated by 13.85 cents on Sunday, during the month of October, according to the Organization of the Petroleum Exporting Countries (OPEC).

OPEC stated in its monthly report that "the average price of Basra crude during October was $79.56, a decrease of 13.58 cents compared to $73.32 in September."

The organization revealed that "the average prices of Basra crude decreased by 7.76 cents, or 9.1%, from August to September."

OPEC pointed out that "the average price of Basra crude was $101.81 during the past year in 2022."

It is noteworthy that Iraq exports crude oil to Asia at a rate of 60%, while exports to Europe constitute around 25%, and to the US about 15%.