The Iraqi Oil Ministry announced on Tuesday 28th May 2013 that the confirmed Iraqi Gas reserves has reached 137 Trillion cubic meters. This has been boosted by recent new discoveries of Gas reserves in the country.
Iraq is already the 2nd largest Oil producer around the globe. Iraq also has the 5th largest proven Oil reserves in the world with some estimates suggesting Iraq could potentially contain the largest Oil reserves. According to Iraqi Oil Minister – Abdul Kareem al-Luaibi – Iraq’s estimates for its crude reserves has increased to 150 billion barrels. This figure doesn’t include deposits in the semi-autonomous Kurdish region in the north of the country. The Kurdistan Regional Government estimates that its territories hold 45 billion barrels of oil.