Iraq, OPEC’s second-largest oil producer, has begun negotiations with international oil companies on postponing payments to them and cutting costs as OPEC’s second largest oil producer grapples with the crude price crash, Mudher Saleh, an economic adviser to new Prime Minister Mustafa al-Kadhimi, told S&P Global Platts Wednesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “At this moment, there are negotiations with IOCs to reduce costs as a priority,” Saleh said. “There are negotiations with the ministry of oil and IOCs at this moment to find a way to postpone payments. We have to pay IOCs around $1 billion a month.” Iraq is one of the OPEC members hardest hit by the […]