Iraq Oil Reserves Increase

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 Petroleum Exporting Countries to adopt the new figure as the official estimate for its reserves, he also said in a statement, Reuters reported. The increased estimate is the result of appraisals and exploration carried out at seven oil fields in central and southern Iraq, he said. The minister has urged oil and natural gas producers operating in the country to continue increasing output. Foreign companies' oil output targets "should be reached within the assigned periods," the ministry quoted Luaibi as saying. The ministry also aims to increase gas output by adding 350 to 450 million cubic feet a day to the nation's production in 2017, Luaibi said. Natural gas output levels in Iraq's southern region are tied to crude production levels as the two are produced from the same reservoirs.