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Iraq sells oil to Jordan at less than the announced price
Economical 2023/07/03
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The Iraqi Oil Marketing Company "SOMO" announced that the average price of crude oil exported to Jordan amounted to $58.70 during the month of June.
Thus, Iraq sold one barrel of crude oil to Jordan last month for less than 12.41 dollars from the official selling price announced by the Ministry of Oil, which is 71.11 dollars, according to statistics issued by the ministry.
Statistics published by SOMO showed that the total oil exports to Jordan during the month of June amounted to 299,445 barrels, indicating that the export rate amounted to 10,000 barrels per day.
The Iraqi Oil Marketing Company added that the average price of a barrel sold to Jordan amounted to 58.70 dollars, noting that the value of imports from Jordan's oil exports during one month amounted to about 18 million 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 new 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 of entry into force.
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 it in February 2022 as a result of the contract expiration, to start again in April, to be stopped in August, to resume. Again in September 2022.
It is noteworthy that Iraq exports crude oil at preferential prices to Jordan via tank trucks at a rate of approximately 10,000 barrels per day.
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