Iraq raises oil reserve estimate 24 pct higher

[yakayaka]

BAGHDAD (AP) -- Iraq oil minister has raises the estimate of the country's proven oil reserves to 143.1 billion barrels, an increase of almost 25 percent.

The increase announced Monday by Hussain al-Shahristani means Iraq is now home to the world's second largest proven reserves of conventional crude oil. OPEC kingpin Saudi Arabia holds the top spot, with about 264.6 billion barrels of crude, according to the latest edition of the BP Statistical Energy Review.

For decades, Iraq's proven reserves of crude oil had stood at 115 billion barrels, with new assessments of its oil base not carried out because of sanctions, wars and the general neglect of the country's vital oil sector.

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[quadraph0nic]

Thanks Yaka

This is good news

I wonder if the oil in Saudi has been verified independently?

[ha ha]

Thanks for posting. This will have a positive effect on Iraq investment climate both in term of RV and other related economic issues.

[cdr]

i thought it would be a higher increase, but its still good