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Tue, 20 May 2008 06:44:48
Iraq has officially increased the size of its oil reserves and they could exceed Saudi Arabia's to become the largest in the world.
The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world's largest proven oil reserves, with as much as 350 billion barrels.
The figure is triple the country's present proven reserves and exceeds that of Saudi Arabia's estimated 264 billion barrels of oil.
Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies...This is a serious figure from credible sources.”
The world’s proved reserves have been have been falsely puffed up by the inclusion of 300 billion barrels of speculative resources, according to the former head of exploration and production at Saudi Aramco, and this explains the industry’s inability to raise output despite soaring prices.