Country claims it has 24% more crude in new estimate
(NEWSER) - Iraq is home to 24% more oil than it had previously estimated, the country announced today. In Iraq's first revision to its stated oil reserves since 2003, the oil ministry claims to have 143.1 billion barrels of known and recoverable oil, up from the previous level of 115 billion barrels—and, perhaps significantly, more than Iran's oil reserves, the BBC reports. The country may have yet even more oil, as officials from the Kurdish Autonomous Region declined to submit new figures as part of their ongoing dispute with the Iraqi government over oil revenue. More»
