Iraq’s crude oil output is expected to hit 3 million barrels a day (b/d) by December 2011, with further growth of between 500,000-1 million b/d by the end of 2012.

Deputy Prime Minister Minister Hussain al-Shahristani said export capacity is also going to be increased by 1.8 million-b/d when the single point moorings being installed off the coast of Basra are completed by the end of 2011.

Crude revenues account for 92 per cent of total federal income in Iraq and the Gulf state is aiming to increase oil exports from 2.1 million-b/d in 2010 to 3.1 million-b/d by 2014.

Iraq also intends to spend $27.9bn on its hydrocarbons infrastructure between 2010-14 as part of its national development strategy (MEED 21:1:11).