Iraqi oil price for Asian markets reduced by $6 per barrel

An oil export terminal in southern Iraq. Photo: Oil Ministry Baghdad (IraqiNews.com) – The price of Iraqi oil destined for Asian markets has seen a further reduction for December 2026 shipments, reflecting ongoing adjustments to official selling prices for crude in response to shifts in global oil markets. Iraq’s State Oil Marketing Organization (SOMO) has decided to reduce the price of Basra Medium crude by $6 per barrel compared to the November pricing, setting the discount at $8.80 per barrel relative to the Oman/Dubai crude benchmark. The reduction also extended to Basra Heavy crude; SOMO set its price for December at a discount of $11.80 per barrel against the Oman/Dubai average, compared to a discount of $5.80 per barrel in November. The decisions follow months of dramatic swings in Iraqi oil discounts, interruptions to Gulf shipping, and an increase in the cost of insurance and transportation. SOMO announced on Monday a reduction in the official selling price for Basra Medium crude destined for Asia for the month of December. The state-owned firm set the price for this crude at a discount of $8.80 per barrel relative to the Oman/Dubai average, compared to a discount of $2.80 per barrel in the November pricing. The company also set the official selling price for Basra Heavy crude destined for Asia in December at a discount of $11.80 per barrel. This significant reduction in the price of Iraqi crude reflects an effort to enhance the attractiveness of Basra crude in Asian markets, which serve as the primary destination for the country’s oil exports.