Oil tankers are caught in a traffic jam near the Iraqi port of Basra, causing delays in loading. According to Reuters , around 30 very large crude carriers (VLCCs) are sitting in the Persian Gulf, and the backlog could cost ship owners more than $75,000 per day. Some could be waiting for weeks to reach the port. Check out this shocking satellite photo of the tanker traffic jam just off the coast of Iraq. (Click to enlarge) The culprit is high oil production in Iraq. The port at Basra is struggling to load up all the oil tankers fast enough, forcing some to sit and wait. Iraq exported about 3.26 million barrels per day (mb/d) in March from its southern coast, which is up from just 2.5 mb/d in 2010. Related: Advantage U.S. In The Global Petroleum Showdown? And the line of tankers appears to be growing. The gridlock […]