Isn the buyer with the money the most important thing in securing an oil deal?
The supply is always the most important part in an oil deal. If you, as the intermediary are going to be receiving a documentary letter of credit and the supply is not there you can get into some trouble. Securing the supplyside of the oil deal is paramount and you will have to meet face to face to find genuine product. Then you can source buyers for the available product.
Not understanding why the supplier needs to be secured first can get an intermediary in a lot of trouble. If an end buyer issues a DLC (Documentary Letter of Credit) to your account (the controlling intermediary) under the impression that you have a supplier (because of quotes you received from another intermediary seller) and the intermediary seller really did not have a supplier then you can and will be charged on “fraud”. The end buyer went through an expense setting up the DLC and in return was defrauded by you. It is without say, you are in a serious situation. So secure the supplier first, find the buyer second. Once you get a quote from the person who is in actual possession of the product (supplier) then seek the buyer.
