Record breaking month for Iraqi oil industry

Iraqi crude production will exceed 3.2 million barrels a day in December, Iraqi Oil Minister Abdul Kareem al-Luaibi said in Cairo.

That compares with output of 3.17 million barrels a day in November, according to the Organisation of Petroleum Exporting Countries' (Opec) last monthly report.

Iraq has risen this year to the rank of Opec's second-biggest producer. Its output may gain to 3.7 million barrels a day next year and four million barrels in 2014, according to the minister.

"We have an ambitious plan to develop the industry," al-Luaibi said. Opec will decide on a successor to Secretary-General Abdalla El-Badri by May, al-Luaibi said.