Iraq’s oil reserves are in excess of the classification

Monday, today, oil specialist Hamza Al Jawahiri revealed the non-secret amount of oil Iraq possesses.

According to Al-Jawahiri, “the oil companies working in Iraq are mostly developing the fields, and production always goes up from the fields that are being developed.” Euphrates News reported “Iraq is committed to its share inside OPEC countries and cannot export quantities larger than those allocated,” he remarked as well.

“Iraq now has more than a million barrels of oil that doesn’t meet the classification criteria,” he further remarked. It is kept in wells and cannot be generated as the limited quantity that can be generated calls for.”

Al-Jawahiri remarked in his address, “The firms make the oil and send it to Iraq. They also discard the pieces they market.

Data from the Energy Research Unit (located in Washington, DC) indicates Iraq wants to have 160 billion barrel of oil reserves. This fits its aims to become gas-self-sufficient and increase crude output to 8 million barrels daily by 2027.

Iraq boasts fifth-largest oil reserves among all countries. About 12% of OPEC reserves, 8% of all world crude oil reserves, and 17% of known Middle Eastern reserves comprise them.

According to the recent estimates from Oil & Gas Journal, Iraq will have over 145.019 billion proved oil reserves by the end of 2023.

Hayan Abdul Ghani, the minister of oil, expressed ambition for more than 160 billion barrel national oil reserves. This was said at the beginning of two fresh rounds of licencing to investigate for gas and oil and invest in 29 fields.

Abdul Ghani assured the winning businesses that the government will provide them tools and assist them.

One of OPEC’s founding members, Iraq announced it will reduce output both domestically and internationally to support prices impacted by economic instability.