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Iran now third richest oil country in the world: German report

Iran's oil reserves rose by 40 percent to 17.2 billion tons, replacing Iraq as the third richest oil country in the world, according to a report released Thursday by the Hamburg-based Association of the German Petroleum Industry (MWV), IRNA reported from Berlin.

It cited the newest evaluation of Iran's oil reserves as the reason for the raise in global oil reserves.

Worldwide oil reserves have been raised four percent in the past year, reaching a new record level of 172 billion tons, according to the report.

Holding one-fifth of the world's oil reserves, Saudi Arabia remains in first place followed by Canada.

... Payvand News - 2/5/04 ... --

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