Iraq plans to increase its oil production capacity by around 7 million barrels per day in 2027, head of state-owned oil marketer SOMO Alaa Alyasri told Reuters on Wednesday.

Iraq's current crude production capacity is close to 5 million barrels per day (bpd), but it produced 4.651 mln bpd in October, according to SOMO. This is in line with its production quota under the OPEC+ agreement.

The capacity increase will come from Iraq's giant fields currently undergoing development including Rumaila, managed by a joint venture between BP Plc and PetroChina Co Ltd , as well as from Lukoil's West Qurna 2, Alyasri said.

(Reporting by Rowena Edwards; editing by Diane Craft and Jonathan Oatis)