By John Lee.
Jordan's Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh, announced that from May 4, 2023, to June 30, 2024, Jordan imported approximately 5 million barrels of Iraqi oil. The oil was transported by Iraqi and Jordanian tankers from Kirkuk to the Jordan Petroleum Refinery in Zarqa (pictured).
This import is part of a memorandum of understanding signed between Jordan and Iraq on May 4, 2023, under which Jordan buys Iraqi crude oil at Brent crude monthly prices minus $16 per barrel to account for quality differences and transportation costs. This agreement covers about 7% of Jordan's crude oil needs.
Al-Kharabsheh also noted discussions with Iraq to increase the oil supply, resulting in an agreement to boost daily oil exports from 10,000 to 15,000 barrels starting August 2023, raising the monthly export volume to 450,000 barrels, about 10% of Jordan's crude oil needs.
Additionally, the memorandum has been extended for three more months, from May 4, 2024, to August 4, 2024, to cover the remaining quantities. Talks for a new memorandum are ongoing.
(Source: Jordan's Ministry of Energy and Mineral Resources)
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