Basra’s heavy and medium crude oil price rose on Thursday despite the global oil price decline.
Basra Heavy and Medium crude prices rose to $88.75 and $91.90, respectively, up $1.59 each.
Global oil prices have dropped due to the lack of support from the Organization of the Petroleum Exporting Countries (OPEC) for Iran’s proposal to impose an oil embargo on Israel. This was further compounded by the US decision to ease sanctions on Venezuela, allowing for more oil to enter the global market.
Oil prices fell on Thursday after the US announced the easing of sanctions on Venezuela’s oil sector.
