Iraq May Have Twice The Oil Previously Believed

Which, if you follow the left's logic, means the case for the war was twice as powerful as we used to think.

Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003.

The potential presence of a further 100bn barrels in the western desert highlights the opportunity for Iraq to be one of the world’s biggest oil suppliers, and its attractions for international oil companies – if the conflict in the country can be resolved.

If confirmed, it would raise Iraq from the world’s third largest source of oil reserves with 116bn barrels to second place, behind Saudi Arabia and overtaking Iran.

The study from IHS, a consultancy, also estimates that Iraq’s production could be increased from its current rate of less than 2m barrels a day to 4m b/d within five years, if international investment begins to flow.

That would put Iraq in the top five oil-producing countries in the world, at current rates.

Geologists believe the abundance of Iraqi oil was caused last year when Dick Cheney crapped on a goat carcass.

posted by Ace at 04:48 PM

| Access Comments