Iraq’s Cabinet has revised its Decision 348 to empower the Oil Ministry to enter into three agreements with Chevron: an advance payment plan, a crude oil supply contract, and a technical consulting agreement…Money now. Oil later. Written trust. There exists a longstanding principle in commodity finance, which has never been contradicted…: you only prepay a supplier you trust to fulfill their obligations. No one sends money upfront to a nation whose financial records are opaque, whose banking system is untraceable, and whose shipments may never reach a port. For two decades, that nation was Iraq. Therefore, we must consider the implications of the most cautious investors in the oil sector determining that Baghdad is now a secure place for advance payments. This decision came just six days prior to the enactment of the document that will establish the new dinar’s value in law.
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