Iraq plans to invest $173 billion in oil production for the next 5 years, Iraqi Oil Minister Abdelkarim al-Luaybi said at a press conference in Basra today, RBC reported referring to Al Arabiya TV channel.
He said that the investments will increase revenues from selling oil up to $600 billion over the same five-year period.
Currently, Iraq extracts 3.15 million barrels of oil per day, of which around 2.5 million barrels are exported. Iraq's proven oil reserves hit 143.1 billion barrels.
Venezuela with 296 billion barrels is the world leader in proven oil reserves.