Iraq is holding more than 8 million barrels of stranded crude oil, making it the fourth-largest holder of delayed oil exports in the Middle East, according to a report by S&P Global Commodity Insights.

The report said about 8.3 million barrels of Iraqi crude are awaiting shipment, behind Iran with 31.7 million barrels, Saudi Arabia with 18.7 million barrels, and the United Arab Emirates with 17 million barrels. It also identified Iraq and Oman as the main contributors to the recent recovery in Middle East oil production.

Across the Gulf region, crude oil inventories have reached 90.5 million barrels, while total petroleum products in storage now exceed 100 million barrels. Kuwait has about 8.1 million barrels awaiting shipment, followed by Qatar with 4 million barrels and Oman with 2.2 million barrels.

As OPEC’s second-largest oil producer, Iraq exports around 95% of its crude through southern terminals, making the country highly dependent on uninterrupted shipping through the Gulf.

Eco Iraq, an economic affairs observatory, estimated that disruptions to shipping through the Strait of Hormuz had prevented about 350 million barrels of Iraqi crude from reaching international markets by June 20, resulting in an estimated $37.7 billion in lost export revenue.

The Strait of Hormuz, a key global oil transit route that carries roughly one-fifth of the world’s oil supplies, has faced prolonged disruptions following regional tensions. However, shipping activity is expected to improve after the United States and Iran agreed to resume maritime traffic under a memorandum scheduled for signing in Switzerland on June 19.