The collapse in oil prices has led Iraq into a major economic crisis. The state can no longer repay its obligations to teachers and civil servants on time.
A way out of that economic crisis might be the multibillion worth oil arrangement with China.
China, through government controlled China ZhenHua Oil Co. will pay in advance the Iraqi state in exchange for regular oil shipments in the long term.
China has come to similar oil agreements with several other oil producing countries that had financial issues, such as Angola, Venezuela and Ecuador.
It seems that China as an emerging market with huge economic power is capable of striking deals with 3rd world or blocked from international financing countries that are beneficial but those countries in the short term and for China in the long run. That way China can support the much needed energy resources that will help its economy to continue to grow in the rate it does now.
I wonder how the Americans will react to this, who are considered the sovereigns of oil and had Iraq in their full control for a very long time... Is this the start of China becoming the dominant world power of the future?
Source,
https://www.sofokleousin.gr/kinozoirakini-petrelaiaki-symfonia-pollon-disekatommyrion