By IANS,
Baghdad : Iraq’s oil production will increase by about six million barrels per day (bpd) by 2015 from its current production of 3.4 million bpd, the Iraqi oil minister said Wednesday.
“Iraq’s oil production has reached 3.4 million bpd, and is going to increase more in the future,” Xinhua quoted Oil Minister Hussein al-Shahristani as saying.
He added that his country is aiming to reach the target of 9-10 million bpd by 2020.
“Our studies concluded that it’s feasible and desirable for Iraq to achieve a production of 9-10 million bpd by 2020,” Shahristani said at a ceremony marking the release of the International Energy Agency’s (IEA) Iraq Energy Outlook.
Iraq depends on oil revenues for nearly 95 percent of its budget.
In 2010 Iraq announced its proven oil reserves had increased to 143.1 billion barrels rising from the previous estimation of 115 billion barrels.