Iraq has achieved an oil extraction level of 2.95 million barrels daily, Petroleum Minister Abdel Karim Luaibi said in Baghdad, ITAR-TASS reports.
A rate of 3 million barrels daily may be reached by the end of the year.
Iraq exported 2.185 million barrels in November. Iraq is expected to extract 12 million barrels of oil daily in 2017. The IMF called such forecasts over optimistic.
Officials of the Petroleum Ministry say that Iraq may become an influential industrial state globally and within the OPEC. It has 78 oil reserves, 9 of which are exceptionally large. Each holds at least 5 billion tons of oil.
