On Monday, the Iraqi Oil Ministry said that the country has proposed its first crude oil prepayment deal to support its finances.
According to a letter by state oil marketer SOMO, Iraq is finding a five-year prepayment to begin in January 2021 until December 2025 to be repaid with its Basra crude. SOMO will accept bids from possible participants until November 27.
According to a ministry official, the prepaid crude cargoes will provide the country cash which is essential to spur the state budget, tackle the financial crisis, repay debts, and uphold the economy.
