Iraqi oil prices dropped sharply on Thursday, with Basra Heavy crude falling to $62.31 per barrel. This was a decline of $7.84, or 11.18%.
Basra Medium crude also fell by $7.84 to $66.31 per barrel, marking a drop of 10.57%.
Global oil prices also moved lower. West Texas Intermediate (WTI) fell to $86.78 per barrel, down 1.52%, while Brent crude dropped to $93.62, a decline of 1.06%.
The OPEC basket also recorded a major drop, falling by $12.33 to $103.53 per barrel, down 10.64%.