Basrah Medium Crude Oil Prices Rise 4.7% in August

Basrah Medium crude oil prices rose to $82.04 per barrel in August, up 4.7% from July's average price of $78.37.

This increase is according to OPEC's monthly report data cited by Shafaq News.

The report notes that the rise in price corresponds to a gain of $3.67 per barrel for Iraq's Basrah Medium crude oil, which has become one of the country's primary export streams.

Basrah Medium is a relatively recent addition to Iraq's export slate, introduced in January 2021 as part of efforts to stabilize the quality of exported barrels.