Iraq: written answer, House of Commons

… <a href="https://hansard.parliament.uk/Commons/2004-03-10/debates/2df2bb63-25b6-4bc1-b7d3-617a578a1b54/Iraq#contribution-1c051104-e0ce-4a84-814e-96d42b156c48" class="btn btn-share-action btn-share-copy-link"> <span class="icon fas fa-copy" aria-hidden="true"></span> <div class="description" aria-live="polite"> <span class="sr-only">Copy link to contribution 4 to clipboard</span> Copy link </div> </a> </div> </div> </div> <div class="content"> <p class=""><em>[holding answer 9 March 2004]:</em>Iraqi oil is sold by two other means, in addition to that sold on a spot basis.The first is through tendered cargoes by which "parcels" of crude are advertised for sale and for which sealed priced bids are made. The second is through long-term agreements whereby certain regular buyers of Iraqi oil agree to buy a given volume of Iraqi oil at a pre-agreed sale price. These buyers may also be offered additional volumes at the same price should there be excess production.</p> </div> …