Just a week after Iraq finally re-stated its oil reserves, jumping from fourth to third place ahead of Iran, the Iranians have decided to re-state their oil reserves.
And by a strange coincidence, they have re-taken their place ahead of Iraq.
The moves comes ahead of an OPEC meeting on Thursday; oil reserves and production capacity are key criteria when allocating production quotas.
Iranian Oil Minister Massoud Mirkazemi [Masoud Mir Kazemi] told a news conference that Iran had 150.31 billion barrels of reserves, up from a previous estimate of 138 billion barrels and added that figure would be revised even higher soon. Iraq's re-stated reserves are 143.1 billion barrels.
“This latest figure will definitely go up by the end of the year,” Reuters quoted him as saying.
Iraq is exempt from the quota system while it recovers from years of war, but said last week its revised figure would help it get a higher OPEC quota in the future. the meeting onThursday is not expected to set new quotas or alter output targets.
Iran’s production rate from mature fields is one of the highest in the world. Mirkazemi said Iran’s production capacity was 4.2 million barrels a day but was pumping less due to its OPEC quota.
(Sources: Aswat al-Iraq, Bloomberg)