The Organization of the Petroleum Exporting Countries (OPEC) announced on Sunday that Basra crude prices declined by approximately 6% during the month of May.
OPEC stated in its monthly report that ‘the average price of Basra crude reached $82.13 during last May, a decrease of $4.88, or 5.9%, compared to 87.01 last April.’
It explained, “During the current year 2024, Basra crude prices recorded an average price of $81.69, while in 2023, they recorded an average price of $78.15.”
Iraq exports 60% of crude oil to Asia, while it exports 25% to Europe and 15% to America.
Source: National Iraqi News Agency