London’s daily Telegraph newspaper is reporting that Iraq, with Iran’s cooperation, plans to greatly increase its current crude oil production over the next six years or so from the current production level of three million barrels per day to nine million or so.

An excerpt from the article, HERE:

Al Shahristani said on Tuesday that Iraq plans to boost its capacity to produce oil to 9m barrels a day (bpd) by the end of the decade as Baghdad rushes to bolster its economy, which is still shattered by war and internal conflict.  Iraq was producing 3m bpd in December, according to the International Energy Agency.

Iraq’s intention to challenge Saudi Arabia’s status as the “swing producer” in the OPEC cartel could see a dramatic fall in oil prices if Baghdad decides to break the group’s quotas and sell more of its crude on the open market.