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Iraq Talking With Oil Companies on Proposed Changes to Contracts

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Iraq is in talks with oil companies about possible changes in production contracts to create incentives for companies if the price of crude rises and shield government revenue if it falls, Oil Minister Adel Abdul Mahdi said.

The ministry’s objective is to maintain output in Iraq, OPEC’s second-biggest producer, and settle payments the government owes international companies for pumping crude, Mahdi said late Wednesday in an interview in the northern city of Sulaimaniya. Iraq is also considering another auction of oil and gas rights, he said, without specifying a date or areas to be offered.