Iraqi Oil Minister Hussein Al-Shahristani has announced that Iraq will increase its oil production to four million barrels a day (b/d) as an intermediate step toward production of six million b/d.
Finance Minister Baqir Al-Zubeidi said the increase will generate an additional income of $200 billion in the forthcoming period that would help Iraq carry out its development programs.
He added that by reaching this level of production, Iraq will become a center of economic power in the region that would influence the relations with the neighboring countries.
[Neither the oil minister nor the minister of finance has indicated a time frame for the projected increase in crude production.]
Source: Al-Sabah, Iraq, July 16, 2009
