The Iraqi oil minister said his office is planning to raise oil production volume to 6.5 million barrels per day (bpd) over the next four years.
Abdul-Kareem Lueibi [Luaibi, Elaibi] told a press conference that the ministry expects to raise the volume to 2.75m bpd in 2011, 3.3m in 2012, 4.5m in 2013, and 6.5 in 2014.
In the former cabinet the ministry anticipated it could raise the level to 12m bpd in five years. However, some observers believe the maximum limit at 7m bpd.
The plan is expected be submitted to the cabinet in Baghdad for approval in a few days.
(Sources: AKnews, Wall Street Journal)