Iraq sells crude oil to Jordan at a discounted rate in March

Shafaq News / The Iraqi Oil Marketing Company (SOMO) announced that the average price of crude oil exported to Jordan was $62.56 per barrel in March 2023.

This means that Iraq sold a barrel of crude oil to Jordan for less than $10.81 than the official selling price announced by the Ministry of Oil, which is $73.37 per barrel, according to the statistics released by the ministry.

SOMO reported on its website that "the total oil exports to Jordan during March amounted to 309,841 barrels," indicating that "the export rate reached 10,000 barrels per day."

The company also stated that "the average price of a barrel sold to Jordan was $62.56," adding that "the value of oil exports to Jordan during one month was $19,383,000."

During its meeting on March 28, 2023, the Iraqi Cabinet approved the Council of Ministers' recommendation regarding the signing of a memorandum of understanding to supply crude oil between the Ministry of Oil and the Jordanian Ministry of Energy and Mineral Resources. The extension will be for one year, starting from the date of implementation.

In September 2021, Jordan received shipments of crude oil under an agreement to purchase 10,000 barrels per day of crude oil from the Kirkuk fields to meet part of its domestic demand before it was suspended in February 2022 due to the end of the contract. The shipments resumed in April but were halted again in August, only to resume in September 2022.

It is worth mentioning that Iraq exports crude oil to Jordan at preferential prices through tankers, at a rate of approximately 10,000 barrels per day.

Yesterday, the Ministry of Oil announced the total oil exports and revenues generated in February, amounting to 100,913,027 barrels and revenues of $7.404 billion.