Basra crude oil prices surge on Thursday
2023-09-07T07:31:31+00:00
Shafaq News / The prices of Basra Heavy and Basra intermediate crude oils saw an increase of over one US dollar per barrel, in tandem with the global surge in oil prices.
The price of Basra Heavy crude oil rose by 1.11 dollars or approximately 1.28% per barrel, reaching 87.72 dollars. Simultaneously, Basra intermittently crude oil prices increased by 1.11 dollars or about 1.24%, reaching 90.67 dollars per barrel.
This uptick in oil prices can be attributed to a shortage in the global supply, as Saudi Arabia has announced its commitment to continue reducing production by a million barrels, in addition to the anticipated reductions by OPEC member countries.
