New data from the Organization of the Petroleum Exporting Countries (OPEC) shows that the price of Iraqi Basra Medium crude oil went up in January 2026.
According to the OPEC report, the average price for Basra Medium crude reached $61.28 per barrel in January, up from $60.90 in December 2025 — a rise of $0.38 per barrel.
But when we look at the bigger picture for the year, the average price in 2026 so far — $61.28 per barrel — is much lower than the $77.98 per barrel average in 2025.
OPEC also tracks a group of key oil grades known as the OPEC Reference Basket. In January, the average price of this basket rose to $62.28 per barrel, up from $61.74 in December 2025.
Within OPEC, some crudes were more expensive than others in January. Leading the list were:
- Algeria’s Saharan Blend — $67.72 per barrel
- Nigeria’s Bonny Light — $67.66
- Libya’s Es Sider — $66.78
- Equatorial Guinea’s Zafiro — $66.73
- Saudi Arabia’s Arab Light — $66.27
It’s also worth noting how Iraq sells its oil. Around 70% of Iraqi crude goes to Asia, 20% to Europe, and about 10% to the United States.
The OPEC Reference Basket includes 13 crude oils from member countries, such as Saharan Blend (Algeria), Basra Medium (Iraq), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and others.
Overall, January saw a modest price increase for Iraqi Basra Medium and the wider OPEC basket, but prices are still lower than last year’s averages.
 shows that the price of Iraqi Basra Medium crude...){kind=link}