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According to various literature, Iraq contains between 110 billion and 115 billion bbl of oil, and 112 Tcf of gas.1 These estimates put Iraq third in a listing of global reserves.
The 115-billion-bbl figure comes from OPEC sources, Table 1. However, other estimates come from well-respected international bodies, including: 200 billion bbl by Petroleum Economist magazine, 215 billion bbl by the Federation of American Scientists, 220 billion bbl by the Council on Foreign Relations and the James A. Baker III Institute at Rice University, and 300 billion bbl by the Centre for Global Energy Studies and Petrolog & Associates. This last estimate puts Iraq ahead of Saudi Arabia, implying that Iraq contains 25% of world oil reserves. The term, oil reserves, refers to liquid oil and gas, and not to oil sands and other solid hydrocarbons.
Variations in the above values stem from the inexact science of reserve estimation.
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