Iraqi oil exports to Jordan rise by 29% in first half of 2024

Shafaq News/ Iraq's oil exports to Jordan surged by 29% in the first half of 2024, compared to the same period last year, according to data released by the State Organization for Marketing of Oil (SOMO).

The data showed that Iraq exported 2,112,620 barrels of oil to Jordan between January and June 2024, up from 1,496,258 barrels during the first half of 2023.

Last year, Jordan imported around 3.8 million barrels of Iraqi oil under a bilateral agreement, which was renewed in mid-2024, SOMO reported.

In August 2023, Iraq and Jordan agreed to raise Jordan's monthly imports from 10,000 barrels to 15,000 barrels, increasing the annual volume from 300,000 barrels to 450,000 barrels, covering roughly 10% of Jordan's crude oil needs.

Notably, Iraq, OPEC's second-largest producer, relies on oil exports for more than 92% of its state budget, exporting 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.