Iraq could have largest oil reserves in the world

Iraq could have largest oil reserves in the world

business.timesonline.co.uk

Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”

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Interesting find here. I wonder what effect, if any, this will have on the occupation over there.

business.timesonline.co.uk
(visit the link for the full news article)

Whose to say that this wasn't already known by Bush and Co. before they went into Iraq? Just because the info is released now doesn't mean it hasn't been known in some circles for some time. I can see them wanting to keep this secret for a while prior to and immediately after the invasion, or it'd be even more obvious than it already is.

Goodness. I KNEW there was a reason we strecthed this out to seven years now. Not surprising at all. Not at all.

What?? Theres oil in them there hills?? I thought we was freeing thems peoplez from some crazy dictator...

Oh well, better safe than sorry eh?






And on a more serious note, I thought the north pole had the largest reserves?

[edit on 5/21/2008 by ThichHeaded]

Personally, I don't think this was known at the time of the invasion (though I'm willing to be wrong here). Do you really suppose that they would wait all these years to put this info on the table?

In my opinion, what was known was that Iraq had oil and it was ripe for the picking. Add to that the fact that US interests in the region require bases for future operations and bam, we have ourselves a war with the objective of oil and air bases. This latest news of new oil reserves would seem to be just icing on the cake.

I'm just worried that people may shift their opinion of the war from unfavorable to favorable in the mistaken perception that this may somehow offer some relief at the gas pumps. And remember how we were told that the war could be subsidized with Iraqi oil?

What the average joe on the street does not realize is that an oil find does not directly translate to a reduction in gas prices. Just take the Bakken oil reserve in North Dakota for example, it will be years before production there has any tangible effect on supply.

[edit on 21-5-2008 by SystemiK]

This news for me high lights something I read many years ago.

Oil is self replenishing -
But don't tell the people cause it will cause the price to drop !

Is it true Saudi Arabia - Has never offically disclosed their reserves ?
Ask yourself why - Because they keep self repleinshing ?

Wish I has some proof...LOL

reply to post by Anonymous ATS


This is a theory that I've been leaning toward more over the last several years. I'll spend some time in the next week and see what I can put together for a post.

I was always under the inclination that oil replenishes itself, making it not a fossil fuel, as we were taught. I do not know how many times I chided for my views in high school

I was always under the inclination that oil replenishes itself, making it not a fossil fuel, as we were taught. I do not know how many times I chided for my views in high school

So I guess after the saudis hit us on 911, shrub goes to dubai and they show him the door, w turns about and says just wait till oil is non facto, I guess they aren't our buds anymore. Circuitous.

Oil is near $113 a barrel tonight. thats up $4 from in just 24 hours.

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