Jordan, Iraq renew crude supply deal

Jordan and Iraq reached have a deal to renew the export of Iraqi crude to the kingdom under preferential terms, Jordan’s Ministry of Energy and Mineral Resources said in a statement. The deal was signed by Jordan’s Minister of Energy and Mineral Resources Saleh Al Kharabsheh and Iraqi Minister of Oil Hayan Abdul Ghani in Baghdad on Thursday, Xinhua news agency reported. Under the deal, Jordan will start importing 10,000 barrels of crude per day for a period of a year starting from June, the Jordan News Agency reported, citing an Iraq Ministry of Oil statement. 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. The 10,000 barrels cover around 7 per cent of Jordan’s daily needs, according to the ministry. Jordan suspended its oil imports from Iraqi after the previous extension expired on March 31.