
Basrah crudes drop with global decline
Basrah Heavy crude fell by 22 cents to $64.29 per barrel, while Basrah Medium dropped by 22 cents to $67.44 per barrel.
Brent crude futures slipped 51 cents, or 0.8%, to $65.35 per barrel by 06:35 GMT. US West Texas Intermediate (WTI) crude futures fell 50 cents, or 0.8%, to $61.55 a barrel.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Shafaq News
an hour ago
- Shafaq News
OPEC+ to boost oil output by 548,000 bpd starting August
Shafaq News – Vienna OPEC announced on Saturday that eight key oil producers will accelerate the lifting of voluntary production curbs, agreeing to boost output by 548,000 barrels per day (bpd) starting in August 2025. In a statement, OPEC confirmed that Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman will implement higher production levels as part of a coordinated move to increase global supply. The group said the new quota represents an upward adjustment from July's output, as the alliance continues to unwind voluntary cuts first implemented in earlier phases of the global oil market's recovery. The eight countries began a phased easing of production limits in April, increasing output by 411,000 bpd in May and maintaining similar increments through June and July. August's scheduled rise marks the steepest monthly hike since the easing began. OPEC+ delegates earlier confirmed a preliminary agreement to accelerate supply increases, aiming to restore market share for the Saudi-led coalition. According to Bloomberg, today's virtual meeting is expected to finalize the move, which will return over 550,000 bpd to the global market—significantly above previous forecasts.


Shafaq News
5 hours ago
- Shafaq News
UN Envoy: Iraq's neutrality pave way for progress
Shafaq News - Karbala Iraq's neutrality in recent regional conflicts has positioned it for greater foreign investment and economic recovery, the United Nations' top official in the country stated on Saturday. Speaking at a joint press conference with Karbala Governor Nassif al-Khattabi, UN Special Representative and Head of the United Nations Assistance Mission for Iraq (UNAMI) Mohamed Al Hassan commended the city's security and cohesion, describing it as 'a living image of national unity.' While highlighting Iraq's abundant resources, the envoy emphasized its human capital, pointing to a pool of educated professionals at home and abroad—including Iraqis working at NASA. The envoy further argued that Iraq's policy of neutrality has enhanced its regional standing and shifted the national focus from conflict to reconstruction. 'With improved stability,' he said, 'Iraq is now poised to rebuild and attract international investment.'


Shafaq News
9 hours ago
- Shafaq News
Ankara mulls al-Sulaymaniyah airspace ban
Shafaq News - Al-Sulaymaniyah/Ankara Turkiye is reviewing its airspace ban on al-Sulaymaniyah International Airport, a senior Iraqi official revealed on Saturday. In comments to Shafaq News, Karwan Yarways, a member of Iraq's Parliamentary Transportation and Communications Committee, noted that the issue featured in his recent meetings in Ankara with Turkish President Recep Tayyip Erdogan and Turkish Parliament Speaker Numan Kurtulmus. Following those discussions, Erdogan instructed his advisory team to examine the matter further. The team is now working in coordination with Qubad Talabani, Deputy Prime Minister of the Kurdistan Regional Government (KRG), to assess the situation and the latest developments. Turkiye introduced the airspace suspension in April 2023, citing the presence of Kurdistan Workers' Party (PKK) militants—an armed group Ankara designates as a terrorist organization. Since then, the halt in flights has had economic repercussions across the Kurdistan Region. KRG officials estimate a 30% decline in passenger traffic and monthly losses exceeding $5 million in airport revenue. The disruption has also affected access to essential medical and commercial routes, placing additional pressure on the Regional infrastructure.