Sumo: Iraq’s reserves are sufficient for 80 years, and we export to 3 international markets


Posted by Walter

Sumo: Iraq's reserves are sufficient for 80 years, and we export to 3 international markets

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  • Time: 08/17/2022 10:29:47
  • Reading: 1,443 times

  {Economic: Al Furat News} The director of the National Oil Marketing Company {SOMO} revealed Iraq’s reserves of crude oil.

Alaa Al-Yasiri said in a press statement: “Iraq’s reserves of crude oil are considered the fifth in the world and constitute (8.7%) of the global reserves and 17% of the reserves of the Middle East, and the proven oil reserves in Iraq, according to the statistical report of the Organization of Arab Petroleum Exporting Countries (OAPEC). ) for the years (2016-2020), (148.4) billion barrels, and according to OPEC estimates for the year 2021, it amounted to (145.019) billion barrels. 
He added, “Based on these data, the proven reserves of crude oil will suffice for nearly (80) years if we assume that Iraq’s production rate is 5 million barrels per day, and of course this is without calculating the uncertain reserves.” 
He pointed out that “
He pointed out that “the selling price of Iraqi crude oil for the month of June 2022 reached an average of (112,209) dollars per barrel. As for the types of oil that Iraq currently exports, they are (Basra Medium Crude, Basra Heavy Crude and Kirkuk Crude).

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