Iraq Oil Minister Hayan Abdul Ghani recently announced that Iraq's proven crude oil reserves have increased by 10 billion barrels and its proven natural gas reserves have increased by 8 trillion cubic feet.
According to a statement issued by the Iraqi Ministry of Oil on the 12th, Abdul Ghani announced the above data while attending an event at an oil field near the southern city of Basra.
The statement pointed out that the Iraqi government concluded that the reserves of crude oil and natural gas have increased after analyzing the exploration data of Harisa and Zubayr near Basra.
Iraq is the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), and crude oil export revenue accounts for more than 90% of the country's fiscal revenue. According to data from OPEC's official website, Iraq's proven crude oil reserves are about 145 billion barrels. The latest reserves figures released by Iraq have not yet been adopted by OPEC.
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