Iraq leads OPEC declines… Basra crude drops $35 in June

Data from OPEC’s monthly oil market report for July 2026 showed that Basra Medium crude recorded the largest monthly decline among OPEC’s basket crudes during June, after it fell by $35.12 per barrel on a monthly basis, to reach an average price of $85.10 per barrel, compared to $120.22 in May . News

On an annual basis, the report showed that the average price of Basra crude oil during the first six months of 2026 was $93.57 per barrel, which is higher than the average for the same period in 2025 of $71.39 per barrel, an increase of $22.18 per barrel .

The value of the OPEC reference basket also declined during June by $24.80 per barrel compared to May, settling at $89.75 per barrel, but it remained higher than the 2025 average of $72.04 per barrel .

According to the report, Arab Light crude fell to $96.89 a barrel in June, compared to $73.65 during 2025, while Iran Heavy crude reached $90.77 compared to $72.27 last year .

Globally, Dated Brent crude fell to $85.17 a barrel in June, compared to an average of $71.65 during 2025, while West Texas Intermediate crude reached $81.66 compared to $67.73 .

The report indicates that the sharp decline in June prices came after high levels recorded by crude oils in May, while prices during 2026 remained higher than the levels of 2025, reflecting the continued impact of supply factors and geopolitical tensions in global oil markets .

Shafaq.com