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Page added on February 20, 2017
Iraq’s Oil Reserves Increase To 153 Bln Barrels, Oil Minister Says
Iraq’s oil reserves have increased to 153 billion barrels, from a previous estimate of 143 billion barrels, Oil Minister Jabar al-Luaibi said on Sunday.
Iraq will ask the Organization of the Petroleum Exporting Countries to adopt the new figure as the official estimate for its reserves, he said in a statement.
The increased estimate is the result of appraisals and exploration carried out at seven oil fields in central and southern Iraq, he said.
Iraq is developing its oil reserves with the help of foreign companies, to make up for three and a half decades of conflict and international sanctions, starting with the 1980-1988 war against Iran.
Iraq’s new proven reserves estimate brings it closer to Iran’s 158 billion barrels. It is OPEC’s second-largest producer, after Saudi Arabia.
Venezuela and Saudi Arabia lead OPEC’s 14 members in terms of oil reserves, with 301 billion barrels and 266 billion barrels respectively, according to the organisation’s website.
3 Comments on "Iraq’s Oil Reserves Increase To 153 Bln Barrels, Oil Minister Says"
Midnight Oil on Mon, 20th Feb 2017 6:58 am
It was just a typo error
Go Speed Racer on Mon, 20th Feb 2017 6:31 pm
See, told ya. 10 billion barrels appeared
from nowhere. Because Jesus adds more
oil back into the wells. To replace what we
used up. A preacher man in a travelling
touring church told me so. He was
driving a converted Greyhound bus.
And showed me all the air conditioners
and satellite feeds, and how he trades
stocks online, between sermons.
I was so impresssed, I gave him $250. He said
he would come back thru town someday.
Nony on Tue, 21st Feb 2017 11:07 am
Reserve growth is a well known phenomenon.