Iraq's oil reserves increase to 153 bln barrels

While there were wide expectations for a recovery in prices, the research house believes that last year

BAGHDAD: Iraq's oil reserves have increased to 153 billion barrels, from a previous estimate of 143 billion barrels, Oil Minister Jabal al-Luaibi said on Sunday.

Iraq will ask the Organization of the Petroleum Exporting Countries to adopt the new figure as the official estimate for its reserves, he said in a statement.

The increased estimate is the result of appraisals and exploration carried out at seven oil fields in central and southern Iraq, he said.