Iraq squeezes foreign producers

摘要

Baghdad is limiting the amount of crude that foreign producers will lift next month in favour of term customers, in an attempt to shore up its oil revenues. The federal government is struggling to pay foreign companies operating 10 fields in southern Iraq, as the oil price drop eats into its revenues. State-owned marketing company Somo is cutting the amount of crude available to these firms by 700,000 b/d to 460,000 b/d in February, despite scheduling a 650,000 b/d increase in Basrah Light loadings compared with January (AGM, 16 January, p2).