Qatar is one of eight littoral states bordering the highly strategic and disputed 96,526 mi² (250,000 km²) Persian Gulf. These eight states have 60% of the world’s exploitable oil reserves and 40% of the world’s gas reserves in their subsoil. The region is also the largest exporter of hydrocarbons, accounting for 30% of world oil trade. Every year, 2,400 tankers pass through the Strait of Hormuz, which links the Persian Gulf to the Indian Ocean. The shallow waters of the Persian Gulf have been partitioned through numerous negotiations over the years. Recently, Qatar has signed an agreement with Iran to share the North Field East offshore gas field and with Saudi Arabia on the delimitation of their common border and the sharing of two oil fields.