Iraq’s oil revenue hits new high as summer electricity crisis looms – The National

Iraq’s oil revenue hits new high as summer electricity crisis looms – The National

Iraq has failed to pay $1.6 billion owed to neighbouring Iran for gas imports, which is needed to guarantee further supplies and prevent worsening power cuts, Baghdad authorities said on Wednesday.

Payment of the debt was a vital requirement to ensure energy supplies were available for Iraq's power plants during the intense heat of the summer months, when electricity demand surges as people seek to keep cool.

The failure to pay comes as Iraq’s oil revenue imports reached another record high. Iraq's revenue reached $11.436 billion in May and has surpassed $10bn every month since March.