Iran Raises Oil Reserves, Retains Spot Ahead of Iraq, IRNA Says

Iran’s proven oil reserves have reached 150.31 billion barrels, state-run Islamic Republic News Agency said, citing Oil Minister Masoud Mir-Kazemi.

The figure is set to increase by the end of the Iranian year, or March 20, he said. Natural gas reserves have topped 33 trillion cubic meters, Mir-Kazemi said in a news conference today, according to IRNA.

The increase comes after neighbor Iraq bolstered its oil estimate Oct. 4 to 143.1 billion barrels, overtaking Iran as home to the world’s fourth-largest petroleum deposits.

Iran’s reserves was previously at 136.6 billion barrels, according to BP Plc’s Statistical Review of World Energy.

To contact the reporter on this story: Ali Sheikholeslami in London at alis2@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net.

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