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Oil & Gas

Iraq Lifts Oil Reserves Estimate to 143 Billion

October 04, 2010
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Iraq’s Oil Minister Hussain Al-Shahristani announces Iraq has raised its estimate of national crude oil reserves to 143.1 billion barrels, overtaking Iran as home to the world’s fourth-largest petroleum deposits, according to Bloomberg. The 24-percent increase in estimated reserves lifts Iraq past neighboring Iran, which has 137.6 billion barrels, while leaving it behind Saudi Arabia, Canada and Venezuela. Iraq last estimated its oil reserves at 115 billion barrels, in 2001. The country currently produces about 2.4 million barrels of crude a day, according to Bloomberg estimates. The government wants to more than double output and hopes to pump 12 million barrels a day within as little as six years. To achieve this, the country will need to boost production at oil fields and upgrade installations that have suffered for decades.

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