Baghdad holds 9 percent of global oil reserves
Shafaq News – Baghdad
Iraq ranks fourth globally in proven oil reserves with 145 billion barrels, according to the latest data from the Organization of the Petroleum Exporting Countries (OPEC).
The country’s reserves represent roughly 9 percent of global reserves, and it is OPEC’s second-largest producer after Saudi Arabia, averaging 4.4 million barrels per day in 2024, with most reserves in Basra, which accounts for 80 to 90 percent of national output.
Despite its vast reserves, Iraq’s production remains constrained by aging infrastructure, underinvestment in major fields, and OPEC+ quotas that limit short-term increases.
OPEC states collectively hold about 1,241 billion barrels—79.5 percent of total global reserves. Worldwide proven reserves reached 1,570 billion barrels at the end of 2024, according to OPEC’s Annual Statistical Bulletin.
Venezuela tops the Organization's list with 303.2 billion barrels despite years of production decline, the data showed. Saudi Arabia follows with 267.2 billion barrels, maintaining a central role in global energy markets, while Iran ranks third with 208.6 billion barrels.
The UAE comes fifth with 113 billion barrels, and Kuwait sixth with 101.5 billion barrels, underscoring the Gulf region’s position as one of the world's most oil-rich areas.
Globally, Russia ranks seventh with 80 billion barrels, followed by Libya with 48.4 billion barrels, which remains Africa’s leader despite ongoing instability. The United States holds 45 billion barrels, placing ninth, while Nigeria ranks tenth with 37.3 billion barrels.
