Iraq announces discovery of 8.8 billion barrels on the Saudi border, and China takes control of the new fields as the US completes its military withdrawal.

Written by Douglas Avila

Published on 11/05/2026 at 06:47

Updated on 11/05/2026 at 06:48

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Iraq announced on May 7, 2026, the largest oil discovery in recent years: the Qurnain block, in Najaf province, southwest of the country, near the border with Saudi Arabia, contains an estimated 8.8351 billion barrels in Iraq. The exploration rights belong to the Chinese Zhenhua Oil, a subsidiary of the state-owned defense company Norinco.

According to The National, the announcement was made by Iraqi Oil Minister Hayan Abdul Ghani, after a meeting with the Zhenhua delegation. The block covers 8,773 square kilometers, an area equivalent to the state of Sergipe.

The timing is geopolitical: the announcement came four months after the total withdrawal of American troops from Iraqi federal territory, on January 18, 2026. In parallel, Iraq is already the third largest producer in OPEC+ and has 145 billion barrels in official reserves.

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The numbers for the Qurnain block, according to the Iraq Ministry of Oil and Zhenhua, tell the story in five points:

8.8351 billion barrels of oil in place in the Lower Jurassic Mus formation

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