UPDATE: Iraq seeks pre-payment for oil exports

Iraq is seeking a cash injection of at least $1.7 billion by offering crude buyers a deal to pre-pay for a year's worth of oil supply — the first time the federal government has tried to leverage a portion of its future oil exports to generate financing.

Alaa al-Yassiri, the director general of the State Oil Marketing Organization (SOMO), communicated the offer — "a long-term crude supply deal in exchange for prepayment for a fraction of the total allocated quantity" — in a Nov. 23 letter to buyers, which was obtained by Iraq Oil Report.