New figures from Organization of the Petroleum Exporting Countries show that the price of Iraqi Basra Medium crude moved slightly higher in January 2026.
According to OPEC’s February 2026 monthly report, the average price of Basra Medium reached $61.28 per barrel in January, up from $60.90 per barrel in December. That’s an increase of $0.38 per barrel.
While the monthly rise is modest, the yearly comparison tells a different story. The average price of Basra Medium so far in 2026 stands at $61.28 per barrel, compared to a much higher $77.98 per barrel in 2025.
OPEC’s data also showed that the OPEC reference basket of crudes rose slightly in January. The basket averaged $62.28 per barrel, up from $61.74 per barrel in December 2025.
In simple terms, oil prices saw a small uptick at the start of 2026 — but they are still well below last year’s levels.
