Iraq Targets 3m BPD Oil Production by December

Iraqi Oil Minister Abdelkarim al-Luaybi [Luaibi, Elaibi] said on Sunday that the country plans to produce three million barrels of crude per day by the end of the year, and export 2.5 million bpd next year.

The minister told a conference in the Jordanian capital Amman, which is being attended by the 46 oil firms interested in Iraq's 4th round of oil and gas licences:

"We are implementing a plan that is unprecedented in the history of Iraq's oil industry, multiplying oil and gas production to four times and building gigantic infrastructure and projects to turn Iraq into a key energy source in the world."

Iraq currently produces around 2.7 million barrels of oil per day (bpd), and the government is aiming to increase that to 12 million bpd by 2017, although the IMF and others have voiced doubts over whether that target is achievable.

(Sources: AFP, ABS News)

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