Iraq’s Basrah crude grades fell more than 8% in their latest assessments, widening their discount to Brent even as global oil benchmarks edged higher on Tuesday.
Basrah Heavy was assessed at $68.34 per barrel, down $6.41, or 8.58%, while Basrah Medium fell to $71.64, also down $6.41, or 8.21%.
By comparison, Brent crude traded around $100.54 per barrel on Tuesday, while US West Texas Intermediate stood near $89.60.
At those levels, Basrah Heavy was trading at a discount of about $32 per barrel to Brent, while Basrah Medium was roughly $29 lower.
