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SOMO reveals the average price of oil exported to Jordan
Economical 06/04/2023
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Baghdad: Al-Sabah,
the Oil Marketing Company (SOMO), announced yesterday, Saturday, that the average price of crude oil exported to Jordan amounted to $59.55 during the month of May.
Thus, Iraq sold one barrel of crude oil to Jordan last month for less than $11.75 from the official selling price announced by the Ministry of Oil, which is $71.30, according to statistics issued by the ministry
.
SOMO said in a statistic on its website that "the total oil exports to Jordan during the month of May amounted to 256,974 barrels," indicating that "the export rate amounted to 8,000 barrels per day."
The Iraqi Oil Marketing Company added that "the average price of a barrel sold to Jordan amounted to 59.55 dollars," noting that "the value of imports from Jordan's oil exports during one month amounted to 15 million and 302 thousand dollars."
During its meeting, on March 28, 2023, the Iraqi Council of Ministers approved the recommendation of the Energy Ministerial Council, regarding approving the signing of a memorandum of understanding for the processing of crude oil, between the Ministry of Oil and the Jordanian Ministry of Energy and Mineral Resources, indicating that the extension will be for one year, starting from the date it entered into force
. implementation.
In September 2021, Jordan received shipments of oil under an agreement to buy 10,000 barrels per day of crude oil from the Kirkuk fields to meet part of the local demand, before it stopped in February 2022 as a result of the contract expiration, to start again in April, to be stopped in August to resume. Again, last September 2022.
It is noteworthy that Iraq exports crude oil at preferential prices to Jordan through basins, at a rate of approximately 10,000 barrels per day.
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