Shahristani said at a news conference in London, briefed by " Shafaq News " , that “ his country plans to increase oil production capacity to 4.7 million bpd in 2015 and it has already exceeded three million bpd .

He added that the long-term plan is to increase production to nine million bpd by 2020 and maintain that level for 20 years .

The Secretary- General of the Organization of Petroleum Exporting Countries " OPEC " , Abdullah al-Badri has revealed earlier on Tuesday , that the organization will absorb Iraq's production , which is expected to raise its production and export , as well as both Iran and Libya.

Iraq has recently announced that it is seeking to increase its oil production to more than four million barrels per day in 2014 , while Minister of Oil , Abdul Karim al-Laeebe announced establishing plans that could raise its oil exports to 3.4 million barrels per day , including 400 thousand barrels from fields of Kurdistan Region .