The Al Basrah Oil Terminal is seen in July. Spc. Frank Smith/U.S. Army hide caption toggle caption Spc. Frank Smith/U.S. Army The Two-Way Iraq Raises Oil Reserves Estimates 25 Percent October 4, 2010 Iraq says its proven oil reserves are a quarter higher than thought. The oil minister said Monday that Iraq has proven reserves of 143 billion barrels. But the nation's distribution system is still devastated by years of sanctions and war.