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Iran Raises Crude Reserves To 158 Barrels

The Iranian Student News Agency reported that the country's oil reserves have increased to 158 billion barrels. Iran has previously announced an increase in its reserves from 138 billion to 150.31 billion in the wake of an announcement by Iraq of an increase in its reserves following recent explorations.

Experts estimate oil production in Iran at 3.6-4.0 million barrels/day.

[Editor's comment: The new crude estimates by Iran must be viewed in the context of a statement issued by Iraq last week that it planned to announce bigger crude reserves than were previously estimated. Regardless of how much "proven" reserves each of the two countries holds there is hardly any doubt that Iraq's oil production will exceed that of Iran in the next two to three years unless the sanctions on Iran are lifted and the country is able to acquire new technology and new equipment to increase production from its aging oil fields.

Western and UN sanctions in force over Iran's controversial nuclear program already weigh heavily on the country, which is dependent on its rich oil and gas sector for revenues.]

Source: menafn.com , October 17, 2011

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