Iraq plans to increase oil production to more than five million barrels per day, according to the country’s parliamentary oil and gas committee.

The committee supports the government’s directions to increase oil and gas reserves and boost national crude oil and gas production by inviting foreign companies, committee member Zeinab Juma Al-Mousawi told the Iraqi News Agency.

She said the committee wants a conducive investment environment and more areas for exploration.

India, China and South Korea are the top buyers of Iraqi oil, making 54% of the total purchases since the start of 2023, Al-Mousawi added.

Saudi Arabia and the UAE have allocated $6 billion for investment in Iraq, said Abdul Razzak Al-Zuhairi, Chairman of Iraq’s Chambers’ Union.

(Writing by P Deol; Editing by Anoop Menon)