After re-estimating its explored oil reserves with the help of global oil companies, Iraq said it now holds third place behind Saudi Arabia and Venezuela in crude oil reserves.
Iraq s oil ministry put country s estimated oil reserves at 143 billion barrels rather than 115 billion barrels, an increase by 25 percent and requested OPEC to review its position since it plans to win higher quotas, up to 12 million barrels a day.
Iraq is currently exempted from Opec's system of quotas, while it struggles to rebuild its oil industry. Iraq's oil production is only about 2.5 million barrels per day.
Opec, which controls 40% of global production, sets limits on the amount of oil its members should produce, in order to control the oil price
Iraq s oil reserves have not been re-estimated for a long time in view of the war, international sanctions and the overall fall in oil production in the country.
Analysts however said the country will achieve this rank only after it overcomes the consequences of the crisis when it will get an opportunity to develop its oil fields in full.
Iraq has issued two rounds of international oil licences, and launched a big step-up in exploration efforts in the last two years.
Iraq aims to increase its oil exports to 10-12 million barrels per day in the next five to 10 years, but this will require sustained investment in infrastructure to extract and transport the crude
The reserves are mainly located in the Shia-dominated south of the country. Iraq's biggest oilfield - West Qurna - is the world's second largest, with 43bn barrels.
Iraq s oil ministry put country s estimated oil reserves at 143 billion barrels rather than 115 billion barrels, an increase by 25 percent and requested OPEC to review its position since it plans to win higher quotas, up to 12 million barrels a day.
Iraq is currently exempted from Opec's system of quotas, while it struggles to rebuild its oil industry. Iraq's oil production is only about 2.5 million barrels per day.
Opec, which controls 40% of global production, sets limits on the amount of oil its members should produce, in order to control the oil price
Iraq s oil reserves have not been re-estimated for a long time in view of the war, international sanctions and the overall fall in oil production in the country.
Analysts however said the country will achieve this rank only after it overcomes the consequences of the crisis when it will get an opportunity to develop its oil fields in full.
Iraq has issued two rounds of international oil licences, and launched a big step-up in exploration efforts in the last two years.
Iraq aims to increase its oil exports to 10-12 million barrels per day in the next five to 10 years, but this will require sustained investment in infrastructure to extract and transport the crude
The reserves are mainly located in the Shia-dominated south of the country. Iraq's biggest oilfield - West Qurna - is the world's second largest, with 43bn barrels.
