Middle East

Minister: Iraq to boost crude oil production by year's end

Associated Press
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FILE -- In this Jan. 12, 2017 file photo, an Iraqi worker operates valves in Nihran Bin Omar field north of Basra, 340 miles (550 kilometers) southeast of Baghdad, Iraq. Addressing an energy conference in Baghdad, Iraq's oil minister said Sunday, April 2, 2017, that the country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about 4.4 million barrels per day. (AP Photo/ Nabil al-Jurani, File) (The Associated Press)

OPEC Secretary General, Mohammed Barkindo speaks during Iraq Energy Forum, in Baghdad, Iraq, Sunday, April 2, 2017. Addressing the energy conference, Iraqi Oil Minister Jabar Ali Al-Luaibi said on Sunday that his country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about 4.4 million barrels per day, to secure sorely needed cash for its ailing economy. (AP Photo/Hadi Mizban) (The Associated Press)

Iraq's Prime Minister Haider al-Abadi speaks during the Iraq Energy Forum, in Baghdad, Iraq, Sunday, April 2, 2017. Addressing the energy conference, Iraqi Oil Minister Jabar Ali Al-Luaibi said on Sunday that his country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about 4.4 million barrels per day, to secure sorely needed cash for its ailing economy. (AP Photo/Hadi Mizban) (The Associated Press)

Iraq's oil minister says the country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about 4.4 million barrels per day.

Addressing an energy conference in Baghdad on Sunday, Oil Minister Jabar Ali Al-Luaibi didn't give details on which of the country's oil fields would supply the increased output.

Iraq holds the world's fourth largest oil reserves. This year, it added 10 billion barrels, bringing its total reserves up to 153.1 billion barrels.

Al-Luaibi also said that more 15 billion barrels are planned to be added by 2018.

Oil revenues make up nearly 95 percent of Iraq's budget.