Baghdad (IraqiNews.com) – Iraq recently sold approximately 10 million barrels of crude oil via its southern export terminals at steep discounts ranging between $25 and $28 per barrel against prevailing international benchmarks, according to industry sources cited by the energy platform Attaqa on Sunday, October 25, 2026.
Trade sources confirmed that Indian refining companies secured the bulk of the discounted shipments, which were loaded at southern offshore terminals in recent days.
Market participants highlighted that Baghdad has been unable to market its crude above $100 per barrel since the outbreak of regional hostilities involving Iran, even as international oil benchmarks surged toward $117 per barrel during recent trading sessions amid maritime risk and escalating conflict dynamics.
Confirming the pricing constraints, an official source at the State Organization for Marketing of Oil (SOMO) disclosed that recent spot transactions have struggled to clear above $85 per barrel.
The source noted that approximately one month prior, SOMO managed to offload select Basrah Light cargoes at around $90 per barrel before market pressures widened discount spreads. The steep price differentials emerge as the economic observatory “Eco Iraq” reported on Saturday that Iraq’s aggregate crude oil export revenues totaled $37.39 billion from shipments of 533.46 million barrels across the first nine months of 2026.
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