[Pops]

Iran today unveiled a massive boost in its estimated oil reserves, a move which sees it wrest back its place as the holder of the third-largest reserves base in the world.
News wires 11 October 2010 07:32 GMT
Last week, Iraq claimed it had overtaken Iran. Coming ahead of an Opec meeting on Thursday, one analyst said the two countries were in a "bidding war" over reserves, which is usually a consideration including other criteria such as production capacity when it comes to allocating quotas.

Oil Minister Massoud Mirkazemi told a news conference Iran had 150.31 billion barrels of reserves, up from a previous estimate of 138 billion barrels and added that figure would be revised even higher soon.

"This latest figure will definitely go up by the end of the year," Reuters quoted him as saying.

Last Monday, Iraq raised its proven oil reserves figure by a quarter to 143 billion barrels, surpassing Iran and putting it behind only Saudi Arabia in terms of conventional crude, and third after Venezuela if unconventional reserves are counted.

Amrita Sen, an analyst at Barclays in London, told the news agency that the rival claims by Iran and Iraq "looks like a bidding war".

http://www.upstreamonline.com/live/article232394.ece

[Timo]

It's just posturing. They think if thay have oil, we'll worship them and do whatever they want.

[americandream]

Iran for all its bluster is just another branch of capitalism. What are they really saying here despite all the blood curdling talk of hating capitalism:

Hey, hey, come on up, come on up, and get your oil here!! Lots to go round!!!

[Daniel_Plainview]

Iran today unveiled a massive boost in its estimated oil reserves, a move which sees it wrest back its place as the holder of the third-largest reserves base in the world.

All the more reason for the US to attack Iran to the point of complete submission ...

[dorlomin]

Iraq has been expanding its infrastructure and capacity so may have had an eye to grabbing some more quota and this is simply all the extra reserve that Iran needs to maintains optimum capacity on the quotas..... perhaps the most obvious and redundant post I have ever written.