Iraq reports increased oil reserves of 153bn barrels

BAGHDAD: Iraq's proven oil reserves have increased by 10 billion barrels to 153 billion, Oil Minister Jabbar al-Luaibi announced Sunday in a statement.

The country has the world's fifth largest reserves behind Venezuela, Saudi Arabia, Canada and Iran.

The ministry said in its statement that exploratory activities in seven fields in central and southern Iraq had contributed to raising the reserves from a previous level of 143 billion barrels.

The ministry said it would ask the Organization of the Petroleum Exporting Countries to validate the new figure as the official estimate of Iraq's reserves.