AK News reported that while Iraq is planning to raise it production capacity to 2.6 million barrels per day this year, it's also trying to expand its market to include South Korea and Japan too.

In December the production capacity reached 2.145 million barrel per day up from 2.135 million the previous month.

Mr Hamed Kabi spokesman for the Iraqi Oil Marketing Company said that Iraq is engaged in negotiation with SK and Japan to bring them to the circle of the countries Iraq sells its oil to. Talks for this purpose have reached the final stages and this depends on the amount of surplus production in the future and the real extent of their demand for oil.

He said that the negotiations are made while Iraq is hot considered any alternative channel for transferring its oil, after Iran threatened it will close Hormoz Strait through which daily 1.7 million barrel per day of Iraqi oil are transferred.

(Sourced from AK News)