Iraq's oil windfall

Though some are sceptical

    "Iraq Proven Oil Reserves Rise Significantly "  declares the Wall Street Journal, echoing a number of other news sources.

    But are they "proven"?

    So far, we have only assurances from the Iraq's oil minister Hussein al-Shahristani:

    These aren't random figures, rather they were the results of deep surveys carried out by the ministry's oil reservoir company and international companies which signed contracts with Iraq.

    But a few people are voicing scepticism, probably because we have seen this kind of sudden good news before.

    Higher proven reserves should eventually mean a higher production quota from Opec (Organisation of the Petroleum Exporting Countries), and theoretically more revenue. 


    YOU MIGHT ALSO LIKE

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    Why a hipster, vegan, green tech economy is not sustainable

    Why a hipster, vegan, green tech economy is not sustainable

    Improving eco-efficiency within a capitalist growth-oriented system will not save the environment.