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Iraq is ranked fifth globally in terms of oil reserves … more than 142 billion barrels

Iraq ranked fifth in the world and second in the Arab world in terms of most of the countries that have oil reserves, according to the Global GFP Classification Corporation.

The Foundation stated in its report for the year 2020, that Iraq’s reserves of crude oil amounted to 142 billion and 500 thousand barrels, which is thus ranked fifth in the world after each of Venezuela, which ranked first with a value of 300 billion and 700 million barrels, followed by Saudi Arabia secondly with an amount of 266 billion and 500 million Barrel, and then Canada comes third, with 169 billion and 700 million barrels, followed by Iran at fourth place, with 158 billion and 400 million barrels.

The organization added that Iraq ranked second in the Arab world after Saudi Arabia as the largest oil reserve, so Kuwait came third in the Arab world with an amount of 101 billion and 500 million barrels, and then the United Arab Emirates comes fourth with 97 billion and 800 million barrels.

And the Ministry of Oil announced in 2017 that the size of the Iraqi reserve increased to 153 billion barrels, while it indicated that it would ask OPEC to adopt this. Source