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Thursday, 19 July 2007

Iraq may have world's second largest oil reserves

Iraqi oil production could double in five years, according to a new study.
The report found that Iraq's oil reserves may be almost twice as much as previously estimated. The study by the U.S. consultancy IHS said another 100 billion barrels of oil reserves could be found in Iraq.

IHS said the estimate would rank Iraq as having the second largest reserves in the world, following Saudi Arabia. Currently, Iran has the second largest oil reserves in the world. World Tribune