Basra: Basra Heavy and Medium crude prices experienced a significant decline, falling by more than 2% as they aligned with the reduction in global oil prices. Basra Heavy crude prices decreased by $1.38, or 2.35%, reaching $57.27, while Basra Medium crude prices saw a drop of $1.38, or 2.26%, settling at $59.82.

According to National Iraqi News Agency, the decline in oil prices was influenced by the announcement from US President Donald Trump regarding Venezuela’s resumption of oil deliveries to the United States. Venezuela is expected to deliver between 30 and 50 million barrels of previously sanctioned oil, impacting the market dynamics.

The price of US West Texas Intermediate crude also fell, losing 78 cents, or 1.37%, to reach $56.35 a barrel by 02:00 GMT. This development in the oil sector reflects broader geopolitical and economic factors affecting global oil supply and demand.