Iraq and Saudi Arabia cut oil prices amid market oversupply

Iraq and Saudi Arabia have lowered the prices of their oil for customers in Asia.

Iraq reduced the price of its Basrah Medium crude by $0.25 more than last month, while keeping the price of Basrah Heavy the same.

Saudi Aramco also cut the price of its Arab Light grade.

This is happening because there is too much oil in the market, and prices have been dropping.

The Organization of the Petroleum Exporting Countries (OPEC) decided not to increase supplies in the first few months of the year.

There are also worries about the oil market because of things like the war in Ukraine, sanctions on Russia and Iran, and slow economic growth in China.