Iraq raised its proven oil reserves figure by a quarter on Monday in a bid to match the clout of leading producer Saudi Arabia and strengthen its case for OPEC to grant it a higher output quota.
New estimates at the giant West Qurna and Zubair fields helped push the total figure to 143 billion barrels, but some analysts said they were skeptical about the massive revision and were not expecting OPEC to deal with the Iraqi quota until Baghdad manages to raise production and exports.
'The oil reserve is for 66 discovered oilfields in Iraq, and there are many others that have not been discovered yet,' Oil Minister Hussain al-Shahristani. 'It is expected this figure will be increased when these oilfields are discovered."
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