FINANCIAL NEWS

Iraq oil reserves figure increase by 25 percent

04 Oct 2010

(MENAFN) Iraq has managed to increase its oil reserve by 25 percent which will hold up the country for a higher output quota for OPEC, Khaleej Time’s reported.

The West Qurna and Zubair fields moved forward the total figure to 143 billion barrels, but some views remained skeptic that OPEC would deal with the Iraqi quota until Baghdad manages to raise production and exports.

Oil Minister Hussain Al Shahristani expressed “The oil reserve is for 66 discovered oilfields in Iraq, and there are many others that have not been discovered yet, it is expected this figure will be increased when these oilfields are discovered.”

According to Al Shahristani, West Qurna was now the world’s second-largest field and added that the return of global oil firms to Iraq has help boost oil reserves. The oil ministry put Iraq’s unrecoverable reserves at 505.4 billion barrels.

Al Shahristani said the issue should be discussed to determine production quota for OPEC members. “We will not discuss the Iraqi quotas issue with OPEC now. This case has been delayed,” he added.

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