Iran has reduced exports of natural gas to its neighbor Iraq claiming the latter owed it more than $6 billion for supplies already made. The cuts were made two weeks ago, and further cuts will be made, Iranian officials said. “The Iraqi electricity ministry owes more than $5bn to NIGC for gas imports from Iran,” the National Iranian Gas Company said, as quoted by Argus, adding, “Of this, $3bn is blocked and inaccessible in the [state-owned] Trade Bank of Iraq, and more than $2bn has not even been released yet by the electricity ministry.” The rest of the money owned comes from “contractual offenses as per the agreements,” NIGC said. The agreements NIGC refers to call for deliveries of a total 55-70 million cubic meters of natural gas daily, with the volumes adjustable depending on demand, Argus notes in its report. The average daily deliveries averaged 50 million cubic […]