Reuters reported that Mr Abdul Kareem Luaibi oil minister of Iraq expected oil exports will reach 2.9 million barrels per day next year before hitting 3.5 million barrels per day in 2014 and 3.75 million barrels per day in 2015.

Mr Luaibi said that an oil conference in Baghdad that exports will reach 6 million barrels per day by 2017. Current production in the OPEC country is at 3.2 million barrels per day and exports so far are at an average of 2.6 million barrels per day. We expect exports for this month to be more than 2.6 million barrels per day. So far they are at 2.6 million barrels per day and output is at 3.2 million.

Recovering from years of war and sanctions, Iraq is expected to become one of the world's largest sources of new oil in the market as it rebuilds its industry after signing major contracts for its southern oilfields with foreign companies.

Source - Reuters

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