Iraq decides to freeze oil prepayments deal as oil prices rising

Iraq has decided to freeze its first crude oil prepayment deal, which had aimed to boost its finances, because oil prices are rising, the country's oil minister told BBC Arabic on Sunday.

"We had concerns that oil prices would not rise above $40 when we announced this deal for the first time in the history of Iraq," Ihsan Abdul Jabbar told the channel.

Brent crude has been trading above $60 a barrel recently.