Iran News ...


07/19/11

Iran's Proven Oil Reserves Upgraded

Source: Moj News

Iran's proven oil reserves are upgraded by 24.4% according to OPEC.

 
Iran's Oil Ministry

The Organization of Petroleum Exporting Countries (OPEC) said in its annual statistical bulletin that Iran's proven reserves were upgraded by 24.4% to 143.1 billion barrels.

In the long run the boost in reserves, which comes alongside increases from Iran, may empower members of OPEC who favor a defense of high prices.

Iran, Venezuela and Iraq were part of a group that refused to endorse a Saudi-led push to hike output at an acrimonious OPEC meeting June 8.

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