Iraq's daily oil production exceeds 2.7M barrels

Oil revenues make up nearly 95 per cent of Iraq's budget. -- PHOTO: AP

BAGHDAD - IRAQ'S oil minister says the country's oil production has exceeded 2.7 million barrels a day.

Abdul-Karim Elaibi says Iraq's oil exports also continue to rise and are expected to exceed two million barrels per day by the end of January from 1.95 million barrels shipped abroad last month.

The increase in production is vital to bringing the war-torn country the sorely needed cash for reconstruction.

Oil revenues make up nearly 95 per cent of Iraq's budget.

Mr Elaibi was appointed oil minister two weeks ago when the new government of Prime Minister Nouri al-Maliki was sworn in nine months after national election.

Last week, Mr Elaibi reported production exceeding 2.6 million barrels per day for the first time in 20 years. -- AP