Nouriel Roubini writes:
Both Iran and Iraq have reported significant increases in oil reserves ahead of October’s OPEC meeting as they seek to maintain and increase their role within the organization. Iran reported that its proven oil reserves rose to 150 billion barrels—a 9% increase—due to new exploration. The announcement, which restored Iran's role as the country with the third largest conventional oil reserves in OPEC after Saudi Arabia and Venezuela, came shortly after Iraq’s first restatement of oil reserves since the 1980s.
More here.
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