Iraq reports increased oil reserves of 153 bln barrels

Iraq’s proven oil reserves have increased by 10 billion barrels to 153 billion, Oil Minister Jabbar al-Luaibi announced in a statement issued on Sunday.

The country has the world’s fifth largest reserves after Venezuela, Saudi Arabia, Canada and Iran.

The ministry said in its statement that the exploratory activities in seven fields of central and southern Iraq had contributed to raising the reserves from a previous level of 143 billion barrels.

The ministry said that it would ask the Organisation of the Petroleum Exporting Countries to validate the new figure as the official estimate of Iraq’s reserves.