Oil Price in Iraq — Brent & WTI Crude Today

Iraq is OPEC's second-largest producer, with vast reserves centered on the southern Basra fields and the Kirkuk area. Export revenue is Brent-linked and central to the national budget, despite internal pipeline challenges.

Classified here as a opec member state, Iraq trades against the Dubai/Oman average, with Brent for westbound cargoes. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Iraq settles at.

Iraq is an OPEC member, which means its production is subject to a group quota rather than set purely by field capacity and price. Quota decisions taken at OPEC and OPEC+ ministerial meetings therefore move the Brent price and Iraq's own export volumes at the same time — and the two do not always pull revenue in the same direction. A cut that lifts the benchmark can leave total receipts flat if the volume reduction offsets the price gain.

Official selling prices for Asian buyers are set as a differential to the Dubai/Oman average, while cargoes heading west are priced against Brent. The Brent–Dubai spread therefore steers which direction barrels flow.

Iraq refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars worldwide. Where local prices are quoted in dollars or in a dollar-pegged currency, that removes one layer of volatility: buyers in Iraq face the crude move on its own, without an exchange-rate move stacked on top of it.