Azerbaijan, Baku, May 31 /Trend S.Isayev, T. Jafarov/
Iran's oil minister Rostam Qasemi is on his way to Iraq to meet with country's officials, IRIB News reported.
According to Iranian media outlets, upon arrival, Qasemi is scheduled to meet Iraqi Oil minister Abdel Karim Laibi and discuss oil related issues, as well as questions of mutual interest.
Recently Iraq announced that it plans to increase production capacity of oil fields of Al-Garraf and Al-Nasr through the increasing the number of wells in these fields.
In April 2012, Iraq reportedly increased its oil exports to 2.508 million bpd, the highest figure since 1989.
According to BP, the proven oil reserves in Iraq as of early 2011 amounted to 115 billion barrels, which makes the country the third after Saudi Arabia and Iran.
As Iran's oil production shrinks because of Western economic sanctions, Iraq's production can soon outstrip that of its longtime rival, if the current confrontation continues.