Iraq decides to freeze oil prepayments deal as oil prices rising

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Iraq has decided to freeze its first crude oil prepayment deal, which had aimed to boost its finances, because oil prices are rising, the country's oil minister told BBC Arabic on Sunday.

FILE PHOTO: General view of Nahr Bin Umar oil field, as workers spray disinfectant as a preventive measure against coronavirus, north of Basra, Iraq March 15, 2020. REUTERS/Essam Al-Sudani/File Photo

“We had concerns that oil prices would not rise above $40 when we announced this deal for the first time in the history of Iraq,” Ihsan Abdul Jabbar told the channel.Asked about the status of the prepayment crude oil deal, Oil Minister Abdul Jabbar said: “With the start of this year and the economic stability resulted from boosted oil prices, we decided to freeze this option”.

 

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Lower the price of oil

Back to oil for food! This time is oil for militias salaries

Look at all the WASTE in that picture, the flame offs of natural gas that s/b being recaptured & sold also.

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