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In a new census: Iraq ranks fifth in the world in proven oil reserves

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In a new census: Iraq ranks fifth in the world in proven oil reserves

Pratha News Agency    182 2021-03-13
Fahad Al-Jubouri ||

Iraq is one of the oil-producing and exporting countries, and its oil industry began in 1925, and production began in the Baba Berger field in Kirkuk two years after that date, and production continued in other fields, and there are reports indicating that the Iraqi proven oil reserves amount to about 153 billion barrels.

Some expect that the reserves in Iraq will exceed their counterpart in the Gulf countries if the search and exploration operations are completed in the Iraqi lands that have not received a complete geological survey, and because of Iraq’s entry into several successive wars, Iraq has not enjoyed the use of modern technologies used in oil exploration in the world.

Iraq has enormous oil potentials, out of its 64 discovered and existing oil fields, only 15 fields have been exploited, according to oil sector analysts, and the greater part of the Iraqi oil reserves is concentrated in the south, that is, in Basra Governorate, where there are 15 fields, of which ten are ten fields.

They are productive, and five are still waiting for development and production, and these fields contain an estimated oil reserve of more than 65 billion barrels, which is approximately 59% of the total Iraqi oil reserves, and the oil reserves of Basra, Maysan and Dhi Qar provinces together constitute about 80 billion barrels, or 71%.

Of the total Iraqi reserves, as for the oil reserves in Kirkuk, it is estimated at about 13 billion barrels, meaning that it constitutes about 12% of the total Iraqi oil reserves.

Today, Iraq is the second largest oil producer within the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, and Iraq relies heavily on oil revenues, and India is the first importer of Iraqi oil with about 19%, followed by China by a very small difference, then South Korea, and these three countries import Half of Iraqi oil exports, in contrast, Europe does not exceed 26% and the United States 7%.

The latest annual census carried out by British Petroleum put Iraq in the fifth place among the countries in the world possessing oil reserves in the past year 2020.

The census stated that the total global oil reserves for the past year amounted to 1.73 trillion barrels, with daily production worldwide of nearly 100 million barrels.

The following is the ranking of these countries:

1- Venezuela
Venezuela tops the list with oil reserves of 304 billion barrels, which constitute 17.5% of the total global market. Venezuela, the country on the South American continent, overtook Saudi Arabia to occupy the first place on the list in 2011.

2- Saudi Arabia
Before Venezuela came to the fore, Saudi Arabia, for decades, was proud to be the country with the largest discovered oil reserves, and it now occupies the second position with about 300 billion barrels, or 17.2% of global reserves.

3- Canada
It occupies the third position, with reserves amounting to approximately 170 billion barrels, or 9.8% of the global share.

4- Iran
Global economic sanctions in recent years on this Middle Eastern country have caused damage to its energy sector, but it still possesses 156 billion barrels, or 9% of global reserves.

5- Iraq
Iraq possesses oil reserves, which are 145 billion barrels, equivalent to 8.4% of the world's reserves.

6- Russia
Russia has 107 billion barrels, or 6.2% of global reserves.

7- State of Kuwait
After Russia comes Kuwait, which has less than 102 billion barrels, or 5.9% of the global share.

8- The United Arab Emirates
The UAE ranks eighth with reserves of about 98 billion barrels, or 5.6% of the global share.

9- United States
Although the United States is now one of the largest oil-producing countries in the world, it still occupies the ninth position in terms of oil reserves, which are 69 billion barrels, or 4% of global reserves.

10- Libya
Libya ranks tenth with a total of 48 billion barrels, or 2.8% of global reserves, and this African country has the largest reserves on the African continent.

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