Iraq is seeking an upfront payment of about $2bn in exchange for a long-term crude-supply contract, the latest sign of Baghdad’s growing desperation for cash as its economy unravels. The Middle Eastern country is grappling with a crisis brought to a head by low oil prices and Opec+ output cuts. As state coffers dwindle and school teachers go unpaid, the country risks a repeat of upheaval last year. In a letter to oil companies seen by Bloomberg News, the Iraqi government sought to mitigate its dire financial position by proposing a five-year supply contract delivering 4mn barrels a month, or about 130,000 barrels a day. The buyer would pay upfront for one year of supply, which at current pr
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