Oil Ministry Raises Estimated Reserves

Iraq’s oil ministry is raising its estimate for the country’s proven oil reserves by nearly 5 percent, from 143 billion barrels to 150 billion barrels, according to a report from UPI.

Oil Ministry spokesman Assem Jihad said the higher figures are the result of increased exploration over the past two years, adding that the revised estimates do not include the figures for Iraqi Kurdistan.

Arab News reports that the area under the control of the KRG contains 45 billion barrels.

(Source: UPI)

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