According to press reports, Baghdad has recently requested international companies to bid for developing some of Iraq's oil fields. Baghdad aims to increase its oil production volume, which currently stands at 2.4 million barrels per day.
It also aims to expand its oil export which currently stands at 1.55 million barrels per day. Iraq possesses the world's second largest petroleum reserve, which is estimated at 200 billion barrels. Iraqi officials announced last year allocating a budget of $3 billion to reconstruct Iraq's oil industry.
