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Saudi Arabia has the largest oil storage capacity in the Gulf while Iraq has the lowest capacity, according to JPMorgan.
Iraq’s reserves are sufficient only for six days, a fraction of Saudi Arabia’s capacity, JPMorgan said in a report this week.
Saudi Arabia has by far the highest storage capacity, with reserves sufficient for about 65 days if exports are redirected and 36 days without redirection, it said.
Qatar ranks second with a storage capacity of about 20 days, followed by the UAE, which can store oil for 19 days if exports are redirected and 16 days without redirection.
Kuwait comes next with a storage capacity estimated at around 14 days.
Iraq has the world’s fifth largest proven oil reserves and is OPEC’s second exporter after Saudi Arabia. But unlike other regional countries, it has not invested enough in tanker storage in Asia and other areas.
Iraq’s oil production of more than 4 million barrels per day (bpd) plunged to below a third, given its inability to export crude following the closure of Strait of Hormuz.
(Writing by N Saeed; Editing by Anoop Menon)
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