By: Cable News Network
Iraq’s estimated oil reserves have grown by nearly 25 percent, the oil ministry announced Monday.
“Iraq’s oil reserves which are extractable are 143.1 billion barrels,” said Hussein al-Shahristani, Iraq’s oil minister, based on data provided by Organization of Petroleum Exporting Countries.
The OPEC figures are about 28 billion barrels higher than previous estimates.
At $81 a barrel, about what oil was trading at early Monday, the added reserves would be worth about $2.27 trillion.
About 70 percent of all reserves are concentrated in Iraq’s southern oil fields, with 20 percent in the north and 9 percent in the country’s center.
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