Iraq surpasses Iran in oil exports and reserves

17/05/2012 13:41

ERBIL, May 17 (AKnews) - Iraq has overtaken Iran in its volume of oil exports and reserves, said an oil and energy committee member in the Iraqi House of Representatives.

Bayazi Hassan told AKnews: "Iraq is not only surpassing Iran in the size of oil exports, [but] the country's oil reserves are more than Iran." 

According to a PetroLogistics report in March 2012, Iran exported 1.9bn barrels per day, which was less than Iraq.

Iraq's oil reserves are estimated to be 143bn barrels of oil, while Iran has some 138bn barrels. 

Hassan said Iran used to occupy second place in volume of exports after Saudi Arabia, but economic sanctions imposed by the European Union and the US led to a decline in numbers. 

© AK News 2012