Iraqi oil prices dip in July

Basra Light crude recorded a significant monthly decline in August 2026, dropping by $6.73 to $78.37 per barrel. This was one of the largest declines among OPEC crude varieties, following similar decreases in other crudes such as Kuwaiti Arab and Iranian Heavy. Throughout 2026 up to July, the crude price increased by 28% compared to 2025, averaging $91.24 versus $71.27. However, the OPEC reference basket value fell to $82.99 in July. Despite the monthly price drops, the average crude prices since the beginning of 2026 remained much higher than in 2025, with a continued decline after June.

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