The report found that Iraq's oil reserves may be almost twice as much as previously estimated. The study by the U.S. consultancy IHS said another 100 billion barrels of oil reserves could be found in Iraq.
IHS said the estimate would rank Iraq as having the second largest reserves in the world, following Saudi Arabia. Currently, Iran has the second largest oil reserves in the world.
So far, Iraq has reported reserves of 116 billion barrels of oil, Middle East Newsline reported.
The consultancy said Iraqi oil production could also increase from two million to four million barrels per day.
The new estimate was based on exploration in Iraq's western desert near the border with Jordan. So far, Iraq has reported one commercial discovery in the region.