Iraq Will Announce A Massive Increase In Oil Reserves On Monday

AP Iraq Oil Deal

Iraq’s oil minister Hussain al-Shahristani said he would hold a press conference on Monday to announce a “big increase” in projected oil reserves, according to Reuters.

Right now Iraq has proven reserves of 115 billion barrels, trailing Canada at 178 bbl and Saudi Arabia at 264 bbl.

In the past Iraq has claimed triple proven oil reserves — leaving Saudia Arabia in the dust.

Of course, this could be a repeat of Afghanistan’s bogus trillion dollar mineral discovery, which many suggested was a press op aimed to shore up interest in the US. 345 bbl in Iraq would change everyone’s perspective on that war too. Likewise it could shore up support for the local government.

Iraq has one other advantage over other oil powers: The disorganized government produces less than 1 bbl per year.

Check out 10 oil powers of the distant future >

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