Iraq’s oil reserves are in excess of the classification

Today, Monday, oil expert Hamza Al Jawahiri revealed the quantities of Iraq’s unidentified oil reserves.

Al-Jawahiri stated, ” The oil organizations working in Iraq are fostering the fields fundamentally and there are generally increments underway from the fields that are being created,” taking note of that “Iraq is resolved to its portion inside OPEC nations and can’t trade amounts bigger than those allotted.”

He went on to say, “Iraq now has more than one million barrels of oil in excess of the classification, and it is kept in the wells and cannot be produced due to the limited quantity of production and manufacturing.”

According to Al-Jawahiri, “the companies produce the oil, deliver it to Iraq, and they are the ones who dispose of the quantities they sell,” he said.

According to information gathered by the Energy Research Unit, a Washington-based organization, Iraq intends to achieve gas self-sufficiency and raise crude production to 8 million barrels per day by 2027. It also intends to increase its oil reserves to 160 billion barrels.

Iraq’s oil holds are the fifth biggest on the planet, representing 8% of the absolute worldwide unrefined saves, and address roughly 12% of OPEC holds, and 17% of demonstrated saves in the Center East.

By the end of 2023, Iraq’s proven oil reserves will amount to approximately 145.019 billion barrels, according to the most recent estimates provided by Oil & Gas Journal.

During the launch of two new licensing rounds to invest in 29 fields and exploration blocks for oil and gas, Oil Minister Hayan Abdul Ghani expressed his hope that the nation’s oil reserves would exceed 160 billion barrels.

Abdul Ghani affirmed that the public authority will uphold the triumphant organizations and furnish them with the important offices.

Iraq, a founding member of OPEC, announced its intention to support prices impacted by economic uncertainty by reducing voluntary production, like other nations.