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| Iraq increases oil reserves by 24% | Iraq increases oil reserves by 24% |
| (40 minutes later) | |
| Iraq has raised the level of its proven oil reserves by 24% in its first revision since Saddam Hussein fell from power. | Iraq has raised the level of its proven oil reserves by 24% in its first revision since Saddam Hussein fell from power. |
| The republic has 143.1bn barrels of known and extractible oil, up from the 115bn barrels that prevailed under the later years of Saddam Hussein. | |
| If correct, it means that Iraq has overtaken neighbouring Iran. | If correct, it means that Iraq has overtaken neighbouring Iran. |
| In the Saddam era, sanctions and political isolation meant little new exploratory work was undertaken. | In the Saddam era, sanctions and political isolation meant little new exploratory work was undertaken. |
| However, since he was toppled in 2003, Iraq has issued two rounds of international oil licences, and launched a big step-up in exploration efforts in the last two years. | However, since he was toppled in 2003, Iraq has issued two rounds of international oil licences, and launched a big step-up in exploration efforts in the last two years. |
| Announcing the new figures, the Iraqi oil minister, Hussein al-Shahristani, said he expected "other increases of even these fixed reserves" as further exploration yields more results. | Announcing the new figures, the Iraqi oil minister, Hussein al-Shahristani, said he expected "other increases of even these fixed reserves" as further exploration yields more results. |
| He also said that Iraq would now officially inform the Organisation of Petroleum Exporting Countries (Opec) of its findings, so that the new reserves figure can obtain international recognition. | He also said that Iraq would now officially inform the Organisation of Petroleum Exporting Countries (Opec) of its findings, so that the new reserves figure can obtain international recognition. |
| Iraq is currently exempt from Opec quotas, and in any case only exports about two million barrels per day - well short of its target of more than 10 million barrels. | Iraq is currently exempt from Opec quotas, and in any case only exports about two million barrels per day - well short of its target of more than 10 million barrels. |