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Economy, Energy

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

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Jordan, Iraq renew crude supply deal

Saudi Arabia had announced voluntary 1mbpd cut in July. (AFP)
By TRENDS Desk
May 5, 2023 4:04 pm
  • The agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan Abdul Ghani
  • As per the deal, Jordan will begin importing 10,000 barrels of crude per day for a year, starting from June. and this will cover around 7% of Jordan's daily oil needs

Baghdad, Iraq – Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under preferential terms, the Jordan News Agency reported

The agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan Abdul Ghani, in Baghdad on Thursday. 

As per the deal, Jordan will begin importing 10,000 barrels of crude per day for a year, starting from June. 

This will cover around 7 percent of Jordan’s daily oil needs. 

Jordan had suspended its oil imports from Iraq after the previous extension expired on March 31. Under a memorandum of understanding signed in 2021, Jordan imports around 10,000 barrels per day from Iraq, based on the monthly average price of Brent crude oil minus $16 per barrel to cover the difference in quality and transportation costs.

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