Iraq seeks $2bn in upfront payment for crude to face financial crisis
25 Nov 2020; MEMO: Iraq asked oil importers to pay $2 billion upfront payments for crude supplies as part of long-term contracts, as a result of its suffocating financial crisis.
Bloomberg reported that Iraq is undergoing a severe financial crisis following the fall in global oil prices, adding that authorities were forced to cut production under an agreement with the OPEC+ group to sustain global oil prices.