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Official: Iraq targeting 4.5 million barrels a day next year from around 3.5 million now

A senior Iraqi official says his country plans to ramp up oil production to 4.5 million barrels per day by the end of next year, from around 3.5 million barrels now.

Chairman of the prime minister's advisory commission Thamir Ghadhban also said Wednesday that resource-rich Iraq is aiming at 9 million barrels a day by 2020. Ghadhban, a former oil minister, was talking at a ceremony in Baghdad to inaugurate a long-term energy plan.

The Integrated National Energy Strategy says Iraq needs to see $620 billion invested in its oil and gas and related industries through 2030.

Iraq sits atop the world's fourth largest proven reserves of conventional crude, with about 143.1 billion barrels. Oil revenues make up 95 percent of the country's budget.