The resumption of crude oil imports from Iraq by Jordan announced last week by the Kingdom’s Energy Minister, Hala Zawati, will give Baghdad’s (and Tehran’s) beleaguered finances a much-needed boost and Jordan’s energy plans as well. It will also serve to consolidate the Shia crescent of power falling across the region by dint of Iran, and its prime backers, China and Russia. According to Zawati’s comments, Jordan will resume imports of at least 10,000 barrels per day (bpd) of Iraq crude oil via tankers at a discount of US$16 to the Brent price, reflecting transport costs and quality differentials. These supplies – which had been suspended earlier this year due to the oil price crash – will come from Baiji in Iraq to the Jordan Petroleum Refinery Company (JPRC), constituting around seven per cent of Jordan’s daily demand. The original deal that had been struck in 2006 mandated a […]