Surpassing estimates, Iraq's oil reserves increase 10 billion

According to the oil Minister of Iraq, Jabar al-Luaibi, the country's oil reserves have exceeded expectations and surpassed the 143 billion expected, reaching the mark of 153 billion barrels.

In a statement, al-Luaibi said the country will request the Organization of Exporting Countries in order to adopt the new number as their official expected reserves. The current margin was the result of surveys and explorations in seven oil fields in central and southern Iraq.

According to information, the development of the reserves is due to help from foreign companies, which has aided the Iraq in order to recover the three and a half decades of conflict and international sanctions, including the war against Iran between 1980 and 1988.


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