Iraq Oil Reserve Estimates Increase 25 per cent

Iraq has raised the estimate of the country's proven oil reserves to 143.1 billion
barrels, an increase of almost 25 percent.
Iraq's oil minister, Hussain al-Shahristani made the announcement on Monday.
Iraq is now the official holder of the world's second largest proven reserves of conventional crude oil, behind only Saudi Arabia, which holds 264.6 billion barrels of crude.
The new data come from the latest edition of the BP Statistical Energy Review.
Iraq's proven reserves of crude oil had stood at 115 billion barrels for decades, during which sanctions, wars and the general neglect of the country's oil sector meant that no new estimates were conducted.