Economic expert Nabil Al-Marsoumi said on Tuesday that Iraq has the smallest oil storage capacity among the Gulf countries. According to him, the country can store only about six days’ worth of its daily oil production.
In a Facebook post, Al-Marsoumi explained that Iraq can store around 25 million barrels of oil. That may sound like a lot, but it is actually very small compared to other countries in the region. He pointed out that this amount is only about 9% of the storage capacity of Saudi Arabia.
Because of this, Iraq has very limited strategic reserves. In simple terms, the country does not have much oil stored away in case there is a crisis or a disruption in global supply.
Al-Marsoumi said this situation shows that Iraq urgently needs to expand its oil storage facilities. Without larger reserves, the country could struggle if the global oil market faces sudden problems or supply interruptions.
Meanwhile, Bloomberg previously reported that Saudi Arabia, the United Arab Emirates, and Kuwait reduced their oil production by about 6.7 million barrels per day. This cut represents roughly one-third of their total output and was done to help stabilize the global oil market.
