Basra crude prices surge over 3% amid soaring global oil prices
2023-07-26T07:12:19+00:00
Shafaq News / Basra crude prices climbed on Wednesday following the surge in global oil prices.
Basra heavy crude prices rose by $2.50, equivalent to 13.17%, reaching $81.29, while intermediate Basra crude prices also saw a rise of $2.50, or 3.05%, reaching $84.34.
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 US, based on the calculation of US crude prices.
