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Mideast oil reserves soar, as Iran and Iraq claim higher Opec quotas

THE WORLD has more oil than previously thought

Just a week after Iraq said its recoverable reserves had grown to more than 143bn barrels, a 24% rise that put its endowment second only to Saudi Arabia's, Iran hit back on 11 October, claiming a surge in its own oil reserves. Iran's revision increased its reserves by 9%, to 150.31bn barrels, enabling it to leapfrog Iraq and claim Opec's – and the world's – second-biggest deposit of recoverable conventional oil. Iraq's reserves revision, the first since the US-led invasion in 2003, is the more plausible. It comes in the wake of new exploration by international oil companies (IOCs), especially of fields in the south of the country. ExxonMobil and Shell are developing West Qurna 1; a venture

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