Iraq world’s 3rd oil reserves holder

Iraq has raised its proven oil reserves figure to 143 billion barrels and become the world’s third-largest reserves holder after Saudi Arabia and Venezuela.

Considering new estimates at West Qurna and Zubair fields, Iraq’s proven oil reserves have reached 143 billion barrels which allows Baghdad to replace Iran as the world’s third reserves holder after Saudi Arabia and Venezuela.

“The oil reserve is for 66 discovered oilfields in Iraq, and there are many others that have not been discovered yet,” Reuters quoted Iraq’s Oil Minister Hussain al-Shahristani as saying on Monday.

“It is expected this figure will be increased when these oilfields are discovered.”

Shahristani said the West Qurna was now the world’s second-largest field, and added that the return of global oil firms to Iraq had helped the discovery of more oil reserves.