The Iraqi government is asking international oil companies operating in the country to continue to produce oil, but to get used to lower oil prices. Iraq’s oil minister Jabbar al-Luaibi sent a letter to several foreign oil companies, asking them not to rein in their ambitions on producing oil. “In light of the current environment of the oil price and its forecast in the next year[s], we [the Ministry of Oil and contractors] should be prepared to live with the prevailing circumstances,” the letter said, according to S&P Global Platts . The minister wants them to “modify and adjust, accordingly, the field enhanced redevelopment plans/final development plans.” But the problem is that the oil contracts in Iraq are structured in such a way that oil companies are paid/reimbursed by the government to produce oil. That means that they need to be assured they receive payment before they go and […]