Monday, 11 October 2010

Bidding War

It sounds that Iran doesn't like the idea of being overtaken by its war-torn neighbor Iraq in terms of oil reserves.

It announced today that it has 150.31 billion barrels of reserves, up from a previous estimate of 138 billion barrels, a week after Iraq announced nearly 24 percent increase to its previous estimates, which stood at 115 billion barrels, to become 143.1 billion barrels.

"It looks like almost a bidding war," analyst, Amrita Sen of Barclays in London, told Reuters.

Both countries also say that they are playing it conservative as there are more reserves underground and new numbers will be announced in the near future.