Following a recent deal with the semi-autonomous region of Kurdistan, Iraq has announced that it expects its total oil production levels to reach 4 million barrels per day in the near future.
Iraq Oil Minister Adel Abdel Mahdi Mahdi made the remarks in a speech at a conference in Abu Dhabi. Iraq’s government reached a temporary agreement with Kurdish regional authorities on Dec. 2 to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.
Kurdistan currently produces around 400,000 barrels of oil per day, a figure which is set to rise to 500,000 barrels per day in the first quarter of 2015.
