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Iraq aims to raise its crude oil production to 7 million barrels per day (bpd) within the next three years, Prime Minister Ali al-Zaidi has said.
Speaking to Sky News, Al-Zaidi noted that Baghdad has already presented the production target to US energy companies as it seeks greater investment in Iraq's upstream oil sector.
Last week, Iraq pushed to expand production capacity while pressing for greater flexibility under OPEC output quotas.
Iraq, OPEC’s second-largest producer, has repeatedly argued that its production limits do not reflect its growing capacity or long-term development plans.
Al-Zaidi did not address Iraq's future membership in OPEC directly, days after speculation over a possible withdrawal was dismissed by the Oil Ministry.
Instead, he emphasised the government's commitment to expanding oil production through international partnerships and investment.
The target would represent an increase of roughly 55–65 percent from Iraq's current production levels of about 4.2–4.5 million bpd, which fell to about 1.3 million bpd during the closure of Hormuz Straits during the six-week conflict.
Iraq controls the world’s fifth largest proven oil deposits, estimated officially at around 145 billion barrels.
(Writing by N. Saeed; Editing by Anoop Menon)
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