BAGHDAD: The Organisation of the Petroleum Exporting Countries (OPEC) said Wednesday, that Iraq possesses the fourth largest proven oil reserves in the world.

National Iraqi news agency (NINA) reported OPEC stated in its annual report that proven crude oil reserves in the world amounted to 1,545,071 trillion barrels at the end of 2021, and OPEC’s share of these reserves was 1,241,819 trillion barrels.

It added that Iraq ranked fourth globally in the world’s largest proven reserves with 145.019 billion barrels.

Venezuela has the largest proven oild reserves in the world with 303.468 billion barrels followed by Saudi Arabia with 267.192 billion barrels, and Iran with 208.600 billion barrels, according to NINA.

The organisation indicated that the Middle East countries have the total largest reserves in the world, with 869.612 billion barrels. Latin America came second with 329.481 billion barrels while Africa came third with 120.210 billion barrels.-Bernama