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Iraq has announced that it aims to increase its crude oil output to four mn bpd in 2015

barrel iraq-Trevor MacInnis wikimedia commonsThe country’s output has already exceeded three mn bpd. (Image source: Trevor McInnis/Wikimedia Commons)

The output has already exceeded three mn bpd, according to reports.

Hussain al-Shahristani, deputy prime minister for energy, said, “The long-term plan is to increase production to nine million bpd by 2020 and maintain that level for 20 years.”

Abdullah al-Badri, secretary general of Organisation of Petroleum Exporting Countries (OPEC), added that the organisation will absorb production in Iraq, Iran and Libya, which is will raise exports.

According to Telegraph, Iraq’s intention to challenge Saudi Arabia's status as the ‘swing producer’ in the OPEC could see a fall in oil prices if Baghdad decides to break the group’s quotas and sell more of its crude on the open market.