Iraq To Become World's #1 For its Oil Reserves: Discovery

Iraq's oil reserves are significantly untapped and daily production could be doubled within five years.

Iraq is sitting on potential reserves of 100 billion barrels, nearly twice as much as currently estimated, according to a study by energy analysts IHS.

If these reserves were exploited, it said, Iraq could overtake Saudi Arabia as the world's top oil producer.

Current output of two million barrels a day is lower than in early 2003, when three million barrels were being pumped, and almost half that being produced in 1979.