Over 8 million barrels of Iraqi crude stranded on tankers, trade ministry says

BAGHDAD, Iraq — More than 8 million barrels of Iraqi crude oil remain stranded on tankers, according to data from Iraq's Ministry of Trade, with officials placing the value of the cargo at roughly $2 billion. The shipments, officials said, have been held aboard vessels for years and are now being sold at elevated prices reflecting rising storage and shipping costs, with buyers directing the crude to refineries and storage facilities. Separately, sources at Iraq's Ministry of Oil said more than 100 million barrels of crude and refined petroleum products have accumulated at the country's marine terminals and storage sites. The ministry said it is working on new sales strategies to lift oil revenues and to cushion the impact of global market fluctuations. Energy analysts warned that if storage capacity reaches its limit, production could be slowed. No further details on the timelines or destinations of the tanker-held crude were immediately available.