Report: Iraq may have world's second largest oil reserves
BAGHDAD — Iraqi oil production could double in five years, according to a new study.
The report found that Iraq's oil reserves may be almost twice as much as
previously estimated. The study by the U.S. consultancy IHS said another 100 billion
barrels of oil reserves could be found in Iraq.
IHS said the estimate would rank Iraq as having the second largest
reserves in the world, following Saudi Arabia. Currently, Iran has the
second largest oil reserves in the world.
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So far, Iraq has reported
reserves of 116 billion barrels of oil, Middle East Newsline reported.
The consultancy said Iraqi oil
production could also increase from two million to four million barrels per
The new estimate was based on exploration in Iraq's western desert near
the border with Jordan. So far, Iraq has reported one commercial discovery
in the region.