Wednesday, February 1, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home investing

UPDATE 2-Iraq decides to freeze oil prepayments deal on rising oil prices

9 months ago
in investing
Crude Oil Shielded From Bond and Stock Market Rout
Share on FacebookShare on Twitter


* Iraq halts its first ever prepayments oil deal

* Rising oil prices encouraged halting the deal

* Chinese Zhenhua Oil Corp was frontrunner to win the deal

* Optimistic over budget talks with KRG

* Kurdish contracts unsuccessful

(Adds talks with KRG over federal budget, KRG contracts)

By Ahmed Rasheed

BAGHDAD, Feb 21 (Reuters) – Iraq has decided to freeze its first prepayment deal, which had aimed to boost its finances, because oil prices are rising, the country’s oil minister told BBC Arabic on Sunday. had concerns that oil prices would not rise above $40 when we announced this deal for the first time in the history of Iraq,” Iraq’s Oil Minister Ihsan Abdul Jabbar told the channel.

Brent crude has been trading above $60 a barrel recently.

Asked about the status of the prepayment crude oil deal, Abdul Jabbar said: “With the start of this year and the economic stability resulted from boosted oil prices, we decided to freeze this option.”

Chinese state oil trader Zhenhua Oil Corp had emerged as the frontrunner in a tender to buy Iraqi crude for five years after it submitted the “most competitive bid” in the tender held by Iraq’s state oil marketer SOMO that attracted participation from international oil companies, trading houses and Chinese and Indian refiners. member Iraq was seeking a five-year prepayment starting January 2021 until December 2025 to be repaid with cargoes of its Basra crude, according to a letter sent by state oil marketer SOMO to its customers and seen by Reuters. the prepayment deal, the winner of the tender was to pay SOMO about $2.5 billion in return for 48 million barrels of crude between July 1, 2021 and June 30, 2022. WITH KURDS

Iraq’s oil minister said on Sunday he is optimistic that the ongoing talks between the country’s central government and Iraqi Kurdish technical and financial teams over a 2021 federal budget and oil dispute could make progress in reaching a deal.

Abdul Jabbar said a “formula has been agreed with the Kurdish region and included in the draft budget” under which the region hands over the federal government the value of exporting 250,000 barrels per day (bpd) at Iraq’s SOMO oil prices it sets to sell Iraq’s crude oil shipments.

“Further formulas are under discussions also and I think the issue is heading towards a solution,” Iraq’s oil minister told BBC.

The minister said Kurdish current oil contracts had been signed in the past under a tense political atmosphere and criticised them as “unsuccessful now,” saying the contracts do not secure enough revenues.

Iraq’s 2021 federal budget is currently under discussion in parliament and lawmakers say unresolved disagreements over Kurdish oil exports are still delaying budget’s approval.



in.investing.com

Latest Oil News

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
Tags: 2IraqDealdecidesfreezeoilprepaymentspricesrisingupdate
Previous Post

Stocks To Watch As Shale Bounces Back

Next Post

OPEC+ will keep oil output steady next month, per Iraq’s oil minister

Related Posts

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

by Oil Market News
January 31, 2023
0

By Rachel Koning Beals 'Investment in clean-energy technologies is on the brink of overtaking fossil-fuel investments, and won't look back,'...

Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

by Oil Market News
January 30, 2023
0

DALLAS, Jan. 30, 2023 /PRNewswire/ -- The Cushing® MLP & Infrastructure Total Return Fund (NYSE: SRV) (the "Fund") today announced...

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

by Oil Market News
January 29, 2023
0

6/6 © Reuters. FILE PHOTO: Relief supplies of the "Humanitarian Help of Switzerland" are loaded onto a Boeing 747-400BCF cargo...

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

by Oil Market News
January 28, 2023
0

Chevron (CVX -4.44%) finished 2022 with a bit of a whimper. While the oil giant's profits rose compared to the prior...

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

by Oil Market News
January 27, 2023
0

© Reuters. FILE PHOTO: United Arab Emirates' Industry Minister Sultan Ahmed Al Jaber speaks during the Abu Dhabi International Petroleum...

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

by Oil Market News
January 26, 2023
0

The image that comes to mind when I think of fossil fuel villains is Batman’s adversary Two-Face. To be two-faced...

Next Post
OPEC+ will keep oil output steady next month, per Iraq’s oil minister

OPEC+ will keep oil output steady next month, per Iraq’s oil minister

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Colombia Elects Its First Leftist President, Which Is Bad News For Oil And Gas

Colombia Elects Its First Leftist President, Which Is Bad News For Oil And Gas

7 months ago
Closing prices for crude oil, gold and other commodities

Closing prices for crude oil, gold and other commodities

3 months ago
Gas prices and Biden’s approval rating: Will the cost of oil tank the Democrats? –

Gas prices and Biden’s approval rating: Will the cost of oil tank the Democrats? –

3 months ago
Some noticeable recovery is finally underway

Some noticeable recovery is finally underway

4 months ago
STOCK MARKET NEWS: Bed Bath & Beyond soars, durable goods mixed, oil spikes

STOCK MARKET NEWS: Bed Bath & Beyond soars, durable goods mixed, oil spikes

5 months ago
ADVERTISEMENT
Eni Boosts Gas Production In Libya With $8 Billion Investment

Eni Boosts Gas Production In Libya With $8 Billion Investment

January 31, 2023

Gasoil margins extend losses on cautious sentiment

January 31, 2023

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023

Live news: PayPal to cut 7% of its workforce – Financial Times

January 31, 2023

Activists board Shell FPSO on route to N Sea: Update – Argus Media

January 31, 2023

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023

Crude Oil

Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023

Investing

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023

Market

Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

January 31, 2023
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023

OPEC

‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.