Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion Iraq may prove to contain the largest extractable deposits of oil in the entire Middle Long-term Iraq reconstruction costs could reach $100 billion or higher, of which more than a third will go to the oil, gas and electricity sectors. Iraq was the world's 5th largest oil producer in 2009, and has the world's second largest proven petroleum reserves after Saudi Arabia. Just a fraction of Iraq's known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. When these fields are fully developed, they will increase total Iraqi production 12 May 2003 Hence, according to the USGS, Iraq's current proven reserves amount to only 78 bbl—only two-thirds of the DOE's more commonly accepted 112