In the first revision to its oil reserves data since 2001, Iraq has reported a nearly 25% increase in proved oil reserves. This increase brings Iraq’s total proven reserves to 143.1 billion barrels of oil, up from 115 billion barrels.
With this revised figure, Iraq now possesses the third-largest reserves in the world, following Saudia Arabia at #1 and Venezuela at #2.
Iraq has singed 12 new deals with oil companies all over the world in an effort to raise production to 12 million barrels a day, compared with about 2.4 million barrels a day currently. Oil revenues make up about 95% of the nation’s national budget, and with increased production Iraq could bring in billions of dollars in profits.
Iraqi Oil Minister Hussain al-Shahristani will inform OPEC of the revised reserve figures. Read more…