After the rise in oil prices, Iraq announces freezing the pre-payment agreement for crude
After the rise in oil prices, Iraq announces freezing the pre-payment agreement for crude
2/22/2021 11:21
[Baghdad-Where]
Oil Minister Ihssan Abdul-Jabbar announced, on Monday, the freezing of the crude oil prepayment agreement, after higher oil prices than they were when the decision was taken, which was aimed at boosting revenues.
Abdul-Jabbar said in a televised interview. “The ministry decided to freeze the prepayment decision for Iraqi crude sold at the beginning of the current year, due to the economic stability resulting from high oil prices.”
He explained that “there was a fear that oil prices would not rise again, over forty dollars when Iraq announced for the first time in its history the prepayment decision.”
And Iraq, according to a SOMO statement earlier, was seeking a five-year prepayment agreement, beginning in January 2021 and ending in December 2025, for shipments of Basra crude.
The crude oil prepayment agreement stipulated that the winner of the bid would pay SOMO about $ 2.5 billion in exchange for 48 million barrels of crude between July 1, 2021, and June 30, 2022.
alliraqnews.com
