Azernews.Az

Iraqi Oil Minister Abdul-Kareem al- Luaybi said Iraq's oil production will reach three million barrels per day (bpd) by the end of this year from its current production of 2.9 million bpd, an official Iraqi newspaper reported on Tuesday.

"The production of crude oil has reached to 2.9 million bpd by September, and Iraq is moving ahead to increase its production to three million bpd before the end of the year," the state-run al- Sabah newspaper quoted Luaybi as saying.

Luaybi also said that his ministry brought in a total of over 60 billion U.S. dollars revenue during the past nine months of the year, according to the paper, Xinhua reported.

Iraq has exported 2.101 million bpd during September and is expected to increase its exports to 2.5 million bpd at the start of next year, it said.

Earlier, Baghdad signed service contracts to develop a total of 12 oil fields across the country, aiming at giving the country the potential to increase its oil output capacity to three million bpd by the end of the year.

The country depends on oil revenues for nearly 95 percent of its budget.

Last year, Iraq announced its proven oil reserves had increased to 143.1 billion barrels rising from the previous estimation of 115 billion barrels.