Basrah crudes show a downtick following OPEC's voluntary supply cut

Shafaq News / The price of Basrah crude oil slightly declined on Wednesday due to OPEC's voluntary cuts.

Basrah Heavy crude decreased by 82 cents to $85.31 per barrel, while Basrah Medium dropped by 82 cents to $88.51 per barrel.

According to a Reuters survey, Iraq, Iran, and Nigeria experienced a reduced oil output in April due to some members' continued voluntary supply cuts, as agreed within the broader OPEC+ alliance.

In March, Iraq pledged to cut exports to compensate for exceeding its OPEC target. However, recent data showed non-compliance with this commitment. According to the survey, April's production witnessed a slight decline compared to the previous month.

Iran's output, exempt from quotas, dropped from the revised March figures, which equaled the highest level in five years in November 2023.

Despite ongoing US sanctions, Iran recorded one of the largest production increases within OPEC in 2023.

According to some ship-tracking companies, Nigeria's output decreased along with reduced exports, while Nigerian production was briefly affected by a power outage.

OPEC+ countries are scheduled to meet on June 1 to decide on the next steps regarding production policy.