Iraq: Oil reserves 24 percent more than earlier estimates
By DPA, IANSMonday, October 4, 2010
BAGHDAD - Iraq has around 143 billion barrels of crude oil reserves, about 24 percent more than previous estimates, the Iraqi minister of oil said Monday.
The reserves are mostly located in 66 oil fields in southern Iraq, Oil Minister Hussein al-Shahristani announced.
This estimate places Iraq as the holder of the world’s fourth largest crude oil reserves, behind Saudi Arabia, Venezuela and Canada.
Previous estimates made in the 1990s placed oil reserves at 119 billion barrels.
Al-Shahristani said Iraq would submit the official reserve estimates to the Organisation of the Petroleum Exporting Countries (OPEC).
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