Iraq oil production could increase

It is thought that Iraq’s oil reserves may be almost double as much as previously estimated and this could rank Iraq as having the second largest oil reserves in the world.

With over 260 billion barrels of proven oil reserves, a quarter of the world’s total, Saudi Arabia has the world’s largest oil reserves in the world and currently, Iran has the second largest.

Middle East Newsline has recent announced that Iraq has reported reserves of 116 billion barrels of oil.

Research by IHS, the U.S. consultancy, said another 100 billion barrels of oil reserves could be found in Iraq and oil production could increase from two million to four million barrels per day.

The revised estimate was based on exploration in Iraq’s western desert near the border with Jordan. To date, Iraq has reported 1 commercial discovery in the area.