Iraq Raises Crude Oil Reserve Estimates

Iraq raised its estimate of crude oil reserve, by +24%, to 143.1B barrels, making it the third largest reserve in the world, after Saudi Arabia and Venezuela. More impressively, its oil reserve has surpassed that of Iran. The news is important to future oil supply. Indeed, Iraq signed several contracts with multinational oil companies to raise output and 2 rounds of auctions were completed last year. The government also announced plans to hold its first auction of contracts to develop natural gas on October 20. What we should be worrying about is that the security situation, political environment and legal framework in Iraq may make exploration difficult.

Courtesy Oil N' Gold

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