Exciting News for Energy Sector: Iraq Extends Oil Deal with Jordan Until 2025
The Jordanian Minister of Energy and Mineral Resources, Saleh Kharabsheh, recently announced that the agreement for crude oil supplies between Iraq and Jordan has been extended until June 2025. Under the deal, Jordan will import 15,000 barrels of oil per day from Iraq at a price $16 lower than Brent crude, supporting 10 percent of Jordan’s domestic oil needs. The agreement, initially signed in April 2023, has been crucial for both countries, with Jordan processing the imported oil at the Jordan Petroleum Refinery Company (JPRC).
With Iraq’s approval to increase daily oil shipments to Jordan from 10,000 to 15,000 barrels in August 2023, monthly crude oil exports to Jordan rose significantly to 450,000 barrels. Despite representing only seven percent of Jordan’s oil requirements, this partnership has been mutually beneficial. The Iraqi government’s decision to offer Jordan a discounted price on oil supplies from Kirkuk has strengthened the bond between the two nations in the energy sector.
The post Iraq offers Jordan lower price on oil supplies from Kirkuk appeared first on Iraqi News.
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