Iraq: World’s Largest Oil Reserves

In a little reported development, Iraq’s Oil Minister has claimed that Iraq has over 300 billion barrels of oil reserves, which would mean the country top’s Saudia Arabia.

Hussain al-Shahristani made the claim to a Lebanese newspaper at the weeek, although there remains confusion as to whether he was talking about confirmed reserves or a general estimate.

Saudia Arabia is the world’s current leader with 262 billion barrels followed by Iraq’s proven reserves at 112 billion, with some 200 billion in undiscovered reserves.

No wonder America wanted that Oil Law passed as soon as possible.