Iraq's Oil Reserves Are In Excess Of The Classification

 Time: 2024/07/29 Read: 2,275 times   {Economic: Al Furat News} Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.

Al-Jawahiri told {Euphrates News} that: "The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed," noting that "Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated."

He added, "Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited."

Al-Jawahiri explained that "the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell."

Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).

Iraq's oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.

According to the latest estimates issued by Oil & Gas Journal, Iraq's proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.

Oil Minister Hayan Abdul Ghani expressed his hope that the country's oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.

Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.

Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty.  LINK