Iraqi Oil Minister Abdul Karim al-Luaibi has announced that Iraq could spend up to $150 billion on projects to expand its crude production capacity.
The Wall Street Journal quotes the Minister as saying:
"Iraq can reach 9 million barrels per day in 2018 and I believe we can exceed 12 million barrels per day given the massive potential of our fields … Reaching that capacity could involve investment of $130-$150 billion, which could be shouldered by the foreign companies developing our fields."
He added that an oil price of $100-110 per barrel is acceptable as most producing countries base their budgets on around $90 a barrel, and said Iraq doesn't see a need to adjust its production levels to help maintain current prices; Iraq is the only member of OPEC exempt from output quotas.
He forecasted an increase in production from about 3.2 million bpd currently to 3.4 million bpd by early next year, and 3.5 million bpd by the end of 2013.
Wall Street Journal