Basrah Medium crude has lost more than 8% of its value over the past month, closing at $57.19 per barrel.
The benchmark fell $5.17 from its previous level, marking a sharp monthly decline for Iraq’s primary export grade.
The slide reflects ongoing pressure on Iraqi crude valuations.
State oil marketer SOMO has recently slashed discounts on Basrah crude for July term contracts, offering significant reductions below official selling prices to incentivize buyers to lift cargoes from its Middle East Gulf terminals.
This aggressive discounting strategy underscores the difficulty in moving inventory at premium levels.
The weakness in Basrah Medium mirrors a broader retreat across global energy benchmarks.