Iraq Boasts World's Largest Oil Reserves

Iraq could have the world's largest oil reserves, exceeding Saudi Arabia, according to the Iraqi Government.

Speaking to The Times, Iraqi Deputy Prime Minister Barham Salih says new exploration reveals Iraq has as much as 350m barrels of oil, exceeding proven reserves and Saudi's estimated 264m barrels.

The new estimate is based on recent geological surveys and data complied by international oil companies, says Salih.

International companies are still awaiting a law to allow foreign companies to invest in Iraq’s oilfields.

However, the Iraqi Government is in discussion with oil majors including ExxonMobil, Chevron and Shell to outline exploration deals.

By staff writer