Iraq’s crude oil reserves may turn out to be much higher than believed, the country’s oil minister Jabar al-Luaibi said at a recent industry event, timing the statement with news that it will pay foreign companies less in new contracts. Last year, Iraq updated the estimate for its proven reserves to 153 billion barrels from 143 billion barrels, but if Luaibi is right, the figure could actually be double the 2017 estimate. If the higher estimate proves true, it would make Iraq the largest oil-rich country in the world, ahead of Venezuela, which claims its reserves are just above 300 billion barrels, and also ahead of Saudi Arabia, with 260.8 billion barrels . Al-Luaibi’s remarks on the reserve estimates come amid preparations for the next oil tender in the country, which is to take place next week and offer 11 exploration blocks to foreign companies. A total 15 companies […]