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Iraq has ‘more crude oil’ than Saudi Arabia March 11, 2008

Posted by tkcollier in Economy & Business, Geopolitics.
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Iraq has ‘more crude oil’ than Saudi Arabia ->Emirates Business 24|7
This new 600 page book will feed all the “Iraq for Oil War” talk. With future religious unrest threatening established Oil Kingdoms, could the 2 ex-oilmen in the White House, have calculated that a friendly Iraq could help the world economy through the coming upheavals as modernization roils the Arab oil-producing regions? After all, Oil Men are gamblers at heart.  Chalabi, a former senior Iraqi oil ministry official, believes the country has huge undiscovered reserves on the grounds but no major development projects have been undertaken for more than two decades.

The proven reserves were officially put at 112 billion barrels in 2007 but Chalabi believes the final figure could exceed 300 billion barrels. “Iraq could have this figure, there is no exaggeration in this,” he said.

His view is supported by a Western oil analyst who goes even further by saying Iraq’s real oil potential could surpass that of Saudi Arabia, which controls nearly a quarter of the world’s proven oil deposits.

Colin Lothian, a senior analyst at United Kingdom-based energy consultants Wood Mackenzie, says Iraq has many giant oilfields that have remained undeveloped. Thanks to Carlton Palmer

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