Iraqi Oil Minister Abdul Karim Al Loaibi confirmed that the Iraqi oil production is at its highest level since 1979, while the Deputy Prime Minister Hussain Al-Shahristani announced that the production exceeds 3 million barrels per day. It is worth mentioning that Iraq was producing 2.9 million oil barrels since long ago of which more than 2 million barrels were exported. According to the figures of the Ministry of Oil, Iraq has achieved $83 billion from its oil exports in 2011, i.e. a 60% increase from the revenues of 2010.
Oil revenues constitute 94% of the country’s revenues. The ministry signed contracts with foreign companies to develop ten fields, hoping that the production will reach about 12 million barrels per day within 6 years.