Iraq holds 8M+ stranded crude oil barrels – Shafaq News

Shafaq News- Baghdad

Around
8.3 million barrels of Iraqi crude remain stranded and awaiting shipment,
making Iraq the fourth-largest holder of delayed oil exports, according to
S&P Global Commodity Insights.

The
report ranked Iraq behind Iran (31.7 million barrels), Saudi Arabia (18.7
million), and the UAE (17 million), while identifying Iraq and Oman as the main
drivers of the recovery in Middle East oil production.

Across
the Gulf, crude inventories reached 90.5 million barrels, while refined
petroleum products accounted for the remainder of the more than 100 million
barrels stored in the region. Kuwait accounted for 8.1 million barrels awaiting
shipment, followed by Qatar with 4 million barrels and Oman with 2.2 million.

Iraq,
OPEC’s second-largest producer, exports about 95% of its crude through southern
terminals, leaving it particularly vulnerable to interruptions in Gulf
shipping. Eco Iraq, an economic affairs observatory, said the closure of the
Strait of Hormuz, which carries around 20% of global oil supplies, had cost the
country about 350 million barrels in lost exports by June 20, equivalent to
roughly $37.7 billion in revenue.

The
Strait of Hormuz has remained largely closed since Feb. 28 after Iran
restricted maritime traffic in response to the US-Israeli war. Washington and
Tehran later agreed to resume shipping under a memorandum scheduled for signing
in Switzerland on June 19.

Read more: No exit but Hormuz: Iraq’s economic vulnerability exposed