Iraq Announced a 10 Billion Barrel Increase in Crude Oil Reserves

Iraq Announced a 10 Billion Barrel Increase in Crude Oil Reserves

Iraq's proven crude oil reserves have increased by 10 billion barrels and its proven natural gas reserves by 8 trillion cubic feet.

Abdulghani announced the data at an event at an oil field near the southern city of Basra, according to a statement issued by the Iraqi Oil Ministry on Tuesday.

The statement said the Iraqi government concluded that crude oil and gas reserves had increased after analyzing exploration data in Harisse, Zubair and other places near Basra.

Iraq is the second largest oil producer of the Organization of the Petroleum Exporting Countries (Opec), with crude oil exports accounting for more than 90 percent of its fiscal revenue. Iraq has about 145 billion barrels, according to OPEC's website. Iraq's latest reserves data has not yet been adopted by Opec.