Economy News Baghdad
BP said in its annual report on global energy trends that Iraq’s oil reserves remained steady at 147.2 billion barrels in 2017 and 2018, ranking fifth in the list of countries with the largest proven oil reserves in the world.
Saudi Arabia’s proven oil reserves rose by the end of 2018, according to the BP report. The kingdom continues to narrow its gap with Venezuela, which has the world’s largest proven reserves. He also pointed out that the proven reserves of the Kingdom witnessed a rise of 1.7 billion barrels during the period from the end of 2017 to the end of last year, while Venezuelan reserves increased by 500 million barrels only.
According to the report, Saudi Arabia’s proven reserves grew significantly during the period from the end of 2008 to the end of 2017, rising from 264.1 billion barrels to 296 billion barrels, but the Latin country’s reserves almost doubled, increasing from 172.3 billion barrels to 302.8 billion barrels.