Iran has increased the estimated level of its oil reserves.
That came just one week after its neighbour Iraq raised its proven oil reserves figure by a quarter, which would give Iraq the third largest reserves in the world, behind Saudi Arabia and Venezuela
By the new count Iran would jump back above Iraq.
Iran’s Oil Minister Massoud Mirkazemi said that the discovery of a new oil field in Hormuzgan province in the south of the country would take its
reserves to 150 billion barrels by a conservative estimate. He expected that total to rise.
One analyst said Iran and Iraq seemed to be in a “bidding war” over reserves, which is a consideration when it comes to allocating OPEC quotas.
An OPEC meeting this week is not expected to set new quotas or alter output targets for the cartel.