Iraq may have 350 bln barrels of oil – Deputy PM

BAGHDAD (Reuters) – Iraq may have oil reserves of 350 billion barrels, Deputy Prime Minister Barham Salih said on Monday, a massive figure that is triple the country’s proven reserves and which even exceeds the oil in Saudi Arabia.

Salih said he had seen estimates from “reputable sources, reputable companies” that put Iraq’s reserves at up to 350 billion barrels. He declined to name the sources.


Iraq’s current proven reserves are 115 billion barrels, already the world’s third largest. The country produces around 2.3 million barrels of oil per day (bpd).

“The real tragedy of this country is that Iraq is home to possibly the world’s largest oil reserves. Some estimates put it at 350 billion barrels,” Salih, a key player in attempts to finalise a draft national oil law, told Reuters in an interview.

“Extraction costs are very minimal compared to anywhere else in the world and we are still at 2 million barrels a day of exports. It’s ridiculous.”

Reuters