Iraq’s Basrah Medium crude got cheaper in November. According to OPEC, the price fell to $63.86 a barrel, down $1.18 from October.
OPEC’s latest monthly report shows this drop is part of a bigger trend. Over the first 11 months of 2025, Basrah Medium averaged $69.80 a barrel. That’s a clear decline compared to $78.95 during the same period last year, showing how global oil prices have been under pressure.
The wider OPEC reference basket also slipped. It averaged $64.46 a barrel in November, down from $65.20 in October.
Looking across OPEC members, Indonesia’s Minas crude had the highest average price at $67.40 a barrel. Saudi Arabia’s Arab Light followed at $66.20, while the UAE’s Murban averaged $65.53.
Iraq continues to be one of OPEC’s major oil suppliers. Around 70% of its crude exports go to Asia, about 20% to Europe, and the remaining 10% to the United States, keeping Iraq firmly positioned in global energy markets.
