Iraq owns proven oil reserves estimated at 115 billion barrels; the third largest reserves in the world after Saudi Arabia and Iran. The Iraqi Deputy Prime Minister for Energy Affairs Hussain al-Shahristani has declared that the newly discovered and recoverable oil reserves in his country are 143 billion barrels.

He pointed to the possibility of making the crude productive capacity during the current year reach more than 3.5 million barrels per day, with an export capacity of up to 4.5 million barrels per day when a second port is operated.