Iraq’s oil minister says the country’s daily oil production has gone beyond 5 million barrels.

Iraq’s oil minister says the country’s daily oil production has gone beyond 5 million barrels.

Bassim Mohammed Khazeir al-Obeidi told Iraq’s state news agency that the country is trying to increase its OPEC production quota.

Before the OPEC production cut agreement and the agreement by partner countries led by Russia to keep oil prices up, Iraq was producing nearly 4.5 million barrels of oil per day, and last year, due to its commitment to the said agreement, kept its daily oil production at the level of 4 million barrels.

Since the Islamic Republic’s disruptions began in the Strait of Hormuz, Iraq’s oil production and exports have fallen sharply; although last month the country’s oil exports returned close to the pre-war level.

According to estimates by the International Energy Agency, Iraq has a sustainable daily oil production capacity of 4.9 million barrels.

The Iraqi government says that, given the significant drop in its oil production in recent months, it should be allowed to produce more oil than its quota.

According to an estimate by the International Monetary Fund, Iraq’s economic growth this year will be negative 16 percent.