Stocks of crude oil under the ground of 505 billion barrels

[carlablum]

Oil: Stocks of crude oil under the ground of 505 billion barrels

Editor: CC | NQ

Monday, 2004 v 1 2010 08:04 GMT

Alsumaria News / Baghdad

The Ministry of Oil in Baghdad, Monday, the stock of Iraqi crude oil under the ground of 505 billion barrels, with proven reserves of recoverable 143 billion barrels.

Said Oil Minister Hussain al-Shahristani told a press conference at the ministry in Baghdad to announce the new oil reserves of Iraq and attended "Alsumaria News", "The process of counting inventory Iraqi oil has been in cooperation with international oil companies," noting that "oil reserves can be increased in the event of continuing the process of exploration. "

http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.alsumarianews.com/ar/home.html&prev=_t&rurl=translate.google.com

[cgbrown]

thanks for the post, we knew it was there. That's why the dinar is such a good investment.

[Phoenix]

Oil: Stocks of crude oil under the ground of 505 billion barrels

Editor: CC | NQ

Monday, 2004 v 1 2010 08:04 GMT

Alsumaria News / Baghdad

The Ministry of Oil in Baghdad, Monday, the stock of Iraqi crude oil under the ground of 505 billion barrels, with proven reserves of recoverable 143 billion barrels.

Said Oil Minister Hussain al-Shahristani told a press conference at the ministry in Baghdad to announce the new oil reserves of Iraq and attended "Alsumaria News", "The process of counting inventory Iraqi oil has been in cooperation with international oil companies," noting that "oil reserves can be increased in the event of continuing the process of exploration. "

http://translate.google.com/translate?hl=en&ie=UTF-8&sl=ar&tl=en&u=http://www.alsumarianews.com/ar/home.html&prev=_t&rurl=translate.google.com

505 Billion barrels times $80 per barrel = 404 TRILLION dollars!

And that is just OIL!

There are estimates that the natural gas reserves in Iraq may even exceed the oil reserves in value!

Now THAT is some serious wealth!

Phoenix

[Robinsnest]

505 Billion barrels times $80 per barrel = 404 TRILLION dollars!

And that is just OIL!

There are estimates that the natural gas reserves in Iraq may even exceed the oil reserves in value!

Now THAT is some serious wealth!

Phoenix

I think you might have added one to many zeros. I believe its 40 trillion. But, once you get to that many zeros, who cares. Iraq has enough black gold in the ground to bail the world out many times over and still live like kings.

[Phoenix]

I think you might have added one to many zeros. I believe its 40 trillion. But, once you get to that many zeros, who cares. Iraq has enough black gold in the ground to bail the world out many times over and still live like kings.

I stand corrected!

One too many zeros...

$40,400,000,000,000

Thanks ~

And agree 40.4 Trillion in oil alone is STILL massive wealth!

Phoenix

[lawog]

And only having 30 million people to split it

[oildriven]

Phoenix, 505 billion is a good number. I think it can only help for a higher RV, What say you???

[Moses]

Interesting the disparity between the two numbers, seems kind of large between what "could" be there vs. what we "know" is there.

If the Saudi's have 266.7 Billion bbl proven reserves, and Bahrain has 124.6 Million, then infrastructure development/improvement aside, this screams for a honest and rational National Value no less then Bahrain (population under a Million), and probably a bit higher, possibly approaching Saudi (population 28+ Million).

Unprovable thoughts on the difference......There is a "pecking order even among Arabs, with the custodian of Mecca at the top of the heap,..If Iraq is able to "Prove" even 25% of the difference between the 505 figure and the 143 figure... which is probably more likely then not...the increase would further improve their standing among GCC nations, and quite possibly approach/challenge Saudi for control, and in a theocratic society/brotherhood, this would upset an established balance. which would not be allowed to happen until this fledgling democracy is twisted, beaten, and shaped into something a bit closer to a perceived conformity.

always remember, we play checkers, they play chess.

Irregardless, these accepted/established/negotiated numbers of proven reserves bode well for a 1+ RV!!!

[g_greig]

more oil = more money!!

[DavidM]

And they probably have alot more then that, Heck they find new oil formations here all the time, and weve been pumping oil out of our back yard for over a hundred years. Iraq is going to have oil for a long time..GO RV...