Iraq is working on its first-ever deal to sell oil and get the payment in advance as the country struggles to shore up its finances. Reuters cites a letter by Iraq’s oil marketing company, SOMO, that seeks a five-year prepayment deal starting next January, to remain in effect until December 2025. Iraq will supply the taker or takers with Basrah crude, the report said. “Prepaid oil cargoes are part of an urgent plan to boost state budget and overcome financial crisis. We have obligations towards OPEC to cut output, we have to repay foreign…
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