Saudi Arabia and Iraq top the list of Arab World oil reserves in 2023, IEA

Shafaq News/ The International Energy Agency (IAE) reported that Iraq ranks second in the Arab world for oil reserves.

According to the IEA's latest report, Saudi Arabia ranked first in oil reserves with 267.19 billion barrels. In comparison, Iraq maintained its position (second) with 145.01 billion barrels, and the UAE showed an increase in oil reserves, ranking third with 113 billion barrels.

The IEA highlighted the prominent role of the Arab World, led by Saudi Arabia, Iraq, and the UAE.

Kuwait, Libya, Qatar, Algeria, and Oman are other countries on the list.

Egypt and Yemen ranked last with 3.3 billion barrels and 3 billion, respectively.

The report said the global oil reserves rose to 1.754 billion barrels in 2023 from 1.746 billion barrels in 2022.